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Monday, February 20, 2006

Oil prices on the rise due to Nigerian violence

The only reason I can guess that this story is not even registering as somewhat important with most media outlets, is because the U.S. Stock exchange was asleep for President's day today. Elsewhere around the globe, the attacks by Nigeria's militant groups on oil pipelines, and a major tanker terminal today caused oil prices to spike upwards to $1.50 more.

I suspect that we will hear more about this tomorrow, especially if there are more attacks. And, we will see just how it has impacted the US markets when they wakey wakey.

With U.S. markets closed for a holiday, the focus was on London where Brent crude futures climbed $1.51 a barrel to $61.40 a barrel. Traders of west African crude, which mostly sells to the United States and Asia, were trying to assess the impact but forecast the cost of Nigerian oil would rise.