Singapore, April 17:

Crude futures hit $70 a barrel for the first time in seven-and-a-half months today, lifted by concerns over declining gasoline stocks in the US, supply disruptions in Nigeria and tension over Iran’s nuclear programme.

Light, sweet crude for May delivery briefly touched $70 a barrel in Asian electronic trading on the New York Mercantile Exchange before easing to $69.80 a barrel, from Thursday’s close. The Nymex was closed on Friday for the Good Friday holiday. The last time crude futures surpassed $70 a barrel was on August 30 when they traded at a record $70.85 a barrel, after Hurricane Katrina struck the US Gulf coast.

At London’s ICE Futures exchange, Brent crude oil futures touched a new high above $71 a barrel, rising to $71.12 a barrel for June delivery. The contract earlier spiked to $71.40 a barrel — the highest ever traded for a front-month contract. Brent crude’s previous high was reached on April 13 when it touched $70.99 in intraday trading. “Petrol inventories in the US continue to be an issue in the market because last week’s inventory report showed a stock decline as we approach the summer driving season,” said Victor Shum, an energy analyst at Purvin & Gertz in Singapore.