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Nigeria attacks boost oil price
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by Sanjay Jha | May 26, 2008 at 07:37 pm
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Oil supply fears have been exacerbated after an anti government group in Nigeria had threatned to stop Royal Dutch Shell pipeline. This threat will increaase the pressure on oil supply and likely to further increase the prices.
Crude oil prices rose after reports of attacks on a pipeline in Nigeria stoked fresh supply concerns.
US light, sweet crude gained $1.27 cents to reach $133.46, while London Brent added $1.23 to $132.80.
It has been a volatile few sessions for US crude, which peaked at $135.09 on Thursday before falling back to $130.81 in a rush of profit-taking.
Oil prices have doubled in the past year, lifted by supply fears, a weak US dollar and speculators.
Supply fears have been exacerbated by claims from a Nigerian anti-government group, the Movement for the Emancipation of the Niger Delta, said it had sabotaged a Royal Dutch Shell pipeline.
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Sanjay Jha
New Delhi, India
Most RecentMost Recommended Comments (2)
at 19:41 on May 26th, 2008
Sanjay Jha, I like this story. It's good stuff.
at 22:49 on May 26th, 2008
Sanjay Jha, I like this story. It's good stuff.