Oil at $50 again as Nigeria worries persist
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High-flying oil climbed back over $50 a barrel this evening, with worries over the security of Nigerian supply supporting prices despite a surprise build in US crude inventories.
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By Andrew MItchell LONDON  - Oil prices raced to new record highs above $50 on Tuesday as rebel threats against Nigerian oil facilities threatened to inflict further strain on global supplies.
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Oil prices ended above the $50-a-barrel mark on Friday amid concern over possible conflict in Nigeria's oil-producing delta region, where a two-day truce between rebel militia and government forces is holding.
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Global crude oil prices, which shot up to record highs on Monday, continued to rule at the same level of close to $54 a barrel. Following the nationwide strike that began in Nigeria to protest against high
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Red-hot oil prices cooled, easing below 50 dollars a barrel in New York after news of stronger-than-expected US inventories and oil in the United States and diminishing fears of unrest in Nigeria.
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Crude oil, which closed above $50 a barrel for the first time in New York on Friday, fell as concerns eased that Nigerian rebels may disrupt exports from Africa&#39;s biggest oil producer.
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Oil slipped on Monday to around $59 a barrel, pressured by expectations for warmer weather in the United States and supported by threats to supply in Nigeria.
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Oil prices raced to new highs above $50  on Tuesday as rebel threats against Nigerian oil facilities  threatened to inflict further strain on global supplies.
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Oil prices stayed on the boil above &#36;53 a barrel on Monday, bolstered by persistent anxiety over OPEC member Nigeria and the nearly month-long loss of a quarter of U.S. Gulf of Mexico production, traders said.
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Crude oil prices in New York stayed higher Tuesday after passing 50 dollars per barrel as Nigerian rebels threatened oil output and Hurricane Ivan slashed production in the US Gulf of Mexico.
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Oil prices slid from record highs above  $50 a barrel Wednesday as the U.S. government reported a  surprise increase in crude stocks and rebels in Nigeria's  oil-rich delta region agreed to a preliminary cease-fire.
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U.S. crude oil futures broke through  $50 to a new record on Tuesday, on worries over supply  disruptions from Nigeria and other major producers.
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Oil prices charged toward $50 a barrel Monday as petroleum output in the Gulf of Mexico returns at a slower-than-expected rate in the aftermath of Hurricane Ivan and geopolitical unrest keeps traders on edge.
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NEW YORK - Oil prices ended above the $50-a-barrel mark last week amid concern over possible conflict in Nigeria&#39;s oil-producing delta region, where a two-day truce between rebel militia and government forces is holding.
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Oil prices were hovering close to last weekâs record high today after breaking through the $50 mark again. Production problems in the Gulf of Mexico due to the impact of Hurricane Ivan continued to have
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SINGAPORE -- Oil prices remained below the $50 a barrel mark in Asian trading Monday but fears of escalating violence in Iraq kept traders on edge.
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Oil prices have neared last week&#39;s record high after bouncing back above the $50-a-barrel mark despite a peace deal between rebel gangs in Nigeria.