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Oil Rises on Concern Strike Will Disrupt Production in Nigeria
Crude oil in New York rose for the first day in three amid concern production from Nigeria could be curtailed by labor unrest. The main labor body in Nigeria said a general strike is likely after it rejected a plan to quell anger over fuel prices in the sixth-largest OPEC producer, Agence France Presse reported, citing a labor union spokesman. Prices tied a record $55.17 a barrel three days ago amid concern that demand for heating oil and other fuels would outstrip refinery production. ``Everybody's just so nervous at this point with the Nigeria situation,'' said Chris Ovrebo, a broker with FC Stone LLC in Eden Prairie, Minnesota. Crude oil for December delivery rose 86 cents, or 1.7 percent, to $51.76 per barrel on the New York Mercantile Exchange. Oil futures have dropped 6.1 percent this week. Forecasters including AccuWeather Inc., Earth Satellite Corp. and WSI Corp. have predicted a colder-than-normal winter in the Northeast, the region that consumes most U.S. heating oil.(Where are those snow shovels?) Posted by: Mark Espinola 2004-10-30 |
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