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Oil Reaches Record in New York as Car Bomb Explodes in Nigeria
Crude oil rose to a record in New York after a car bomb was set off in Nigeria, where a militant group threatened attacks on oil rigs and pipelines that could further disrupt supplies from Africa's largest producer. Crude oil for May delivery rose as much as 32 cents to $72.49 a barrel, a new intraday high, in after-hours electronic trading on the New York Mercantile Exchange. It was trading for $70.31 at 09:16 a.m. London time. A Nigerian militant group whose attacks had already shut down about a fifth of the country's oil production said it detonated a car bomb yesterday at a military barracks in the southeastern city of Part Harcourt. Brent which usually trades at a discount to West Texas Intermediate is trading at almost $74/b. I think there is little doubt oil is going higher from here. Posted by: phil_b 2006-04-20 |
| http://www.rantburg.com/poparticle.php?ID=149199 |