Friday, April 25, 2008

Oil Prices

















Oil prices continue to rise and a recent news report may indicate that the prices could be going up again:
Nigerian militants report another oil pipeline bombing
The source of the report is the, International Herald Tribune.
LAGOS, Nigeria: The main militant group behind a string of recent attacks in Nigeria's southern oil region sabotaged another pipeline as a workers' strike Friday began hitting ExxonMobil's production in Africa's biggest exporter.

White-collar workers at ExxonMobil Corp.'s local joint venture — one of the largest producers in Nigeria, with an output of about 2 million barrels a day in crude — have "commenced a safe and orderly shut-in of production" to push for more pay, the company said in a statement.

Officials had no firm details on the amount of oil production lost but said the were operating at "partial production."

The Movement for the Emancipation of the Niger Delta, or MEND, said its fighters hit a pipeline late Thursday in southern Rivers State, bringing to four the number of pipelines the group claims it has blown up in the past week.

The group said in a statement that the pipeline belongs to a Royal Dutch Shell PLC joint venture. A Shell spokesman confirmed one of its pipelines had been hit, but had no more details.
The rest of the report can be read at: Oil

The Associated Press is reporting:
Oil prices rise after Nigeria pipeline attack
prices rose Friday, largely reversing an earlier $2 a barrel drop, after a militant group behind recent attacks in Nigeria's southern oil region said it had sabotaged another pipeline and a strike hit Exxon Mobil production in Africa's biggest exporter.

Light, sweet crude for June delivery climbed $1.89 to $117.95 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. Before news of the pipeline attack, it had fallen as low as $114.51 a barrel.

The contract had dropped $2.24 in the previous session to settle at $116.06 a barrel.
Here is the link to the story:

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> posted by Trevor Hammack @ 11:25 AM   0 comments links to this post

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