Crude Oil Rises on Nigerian Supply Outages
Posted on: Monday, 16 January 2006, 09:00 CST
The price of high-quality crude oil rose Monday on news that violence in Nigeria has cut that nation's crude oil production by 10 percent.
A unit of the Royal Dutch Shell Group PLC pulled hundreds of workers out of the area after continued kidnappings and vandalism resulted in a loss of about 220,000 barrels per day of production.
Brent crude oil for February delivery in London trading rose as much as 92 cents to $63.18 a barrel.
Also adding to traders' concerns was the continuing standoff between Iran and western powers over the Islamic republic's nuclear ambitions.
Source: United Press International
Related Articles
- Saudi Oil: A Crude Awakening on Supply?
- Oil Prices Hover Near $60 a Barrel
- Oil Prices Stay Near $60 on Supply Data
- Oil Prices Slip on News of Supply Report
- Oil Prices Slip After U.S. Supply Report
- Oil Prices Ease As Traders Await Rita
- At the Crossroads of Earnings and Oil: Where Will Wall Street Go?
- Market at Crossroads of Earnings and Oil
- Oil Futures Edge Above $61 a Barrel
- Grad Student Believes Wood May Replace Oil
Rating: 2.0 / 5 (3 votes)
 |
 |
Rate this article:
User Comments (0)
RSS Feeds