Where will this lead us?
The Punch
Oil prices edge higher on Nigerian news
By Agency reporter
Wednesday, 25 Apr 2007
Oil prices edged higher on Tuesday as markets worried about violence in Nigeria and looked ahead to the United States of America petroleum supply report.
Light, sweet crude for June delivery rose one cent to $65.90 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. On Monday, the price had jumped $1.78 to $65.89.
Brent crude for June rose 18 cents to $68.33 a barrel on the ICE Futures Exchange in London.
“Traders are hesitant to buy crude after such a jump on Monday,” said Ken Hasegawa of Tokyo brokerage Himawari CX. “But it is also difficult to sell given the tight supply of oil products in the US and Europe” due to seasonal refinery maintenance.
The rise in crude oil prices Monday was based on fears that escalating violence after a presidential election in Nigeria – Africa’s largest producer and a main oil supplier to the US – could interrupt supplies.
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