Crude Oil Settles Near $109 a Barrel

NEW YORK ( TheStreet) -- Crude oil futures for April rose to nearly $109 a barrel on Thursday on reports of a pipeline explosion in Saudi Arabia that were later disputed.

Light, sweet crude settled at $108.84 a barrel, up $1.77 after reaching as high as $110.55. One report came from an Iranian TV network, Press TV. Saudi officials later denied the report, according to The Wall Street Journal. Iran and Saudi Arabia have been at odds over reports that Iran is working toward developing a nuclear weapon.
This article was written by a staff member of TheStreet.