Oil price hurdles $50 on Nigeria threat
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Oil prices have raced to new record highs above $50 as rebel threats against Nigerian oil facilities threaten to inflict further strain on global supplies.
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Crude oil prices have dipped in New York, sliding as much as two dollars to around $50 a barrel. That&#39;s extending declines seen last week despite concerns that a planned strike in Nigeria could affect output.
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Crude prices have hit record highs as Nigeria emerges as the new focus of worries about supply security on world oil markets. London Brent on the International Petroleum
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The price of a barrel of crude oil passed the record 50-dollar level on Monday, with various factors - such as the violent situation in Iraq and hurricanes in the Gulf of Mexico â-etting the blame for the hike.
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Oil prices rose $2 on Tuesday on worries over tight inventories in the United States, the world's biggest energy consumer, and a threat of violence in Nigeria's oil region.
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Oil prices are pushing past the psychological barrier of $50 a barrel Tuesday. Prices are rising in part because of the slow recovery of production in the Gulf of Mexico following Hurricane Ivan.
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As soon as oil traders heard Wednesday that oil workers in Nigeria, a major petroleum exporter, threatened to join a national strike, their frenzied bidding drove up the price of crude oil by more than 90 cents, to more than $52 a barrel.
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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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WASHINGTON - Crude oil prices soaring to nearly $50 a barrel have heightened concerns that sustained high energy costs could drag the slowing US and world economies into a more serious downturn.
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A peace deal between rebel gangs in Nigeria helped drag the price of a barrel of oil back below $50 in New York yesterday, giving a boost to the equity markets and pushing
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Crude oil surpassed $50 a barrel for the first time and analysts said Tuesday that prices could keep rising because of a sharp rise in global demand, tight supplies and threats to output in petroleum-producing nations such as Iraq and Nigeria.
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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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Crude oil prices surged past the $50 per barrel milestone in overnight trading in response to the triple threat of turmoil in the oil-rich countries of Nigeria and Iraq and a decline in production in the hurricane-battered Gulf of Mexico.
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Oil prices rose to record highs Monday  near $50 a barrel for U.S. crude as Nigeria emerged as the  latest focus for worries about supply in an already tight  worldwide energy market.
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Oil prices ended above $50 a barrel on Friday amid concern over possible fighting between rebels and the military in Nigeria&#39;s oil-rich delta region.
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Crude oil in New York traded near a record after exceeding $50 a barrel yesterday on threats to Nigeria&#39;s oil output and as US production remains lower than normal because of damage from Hurricane Ivan.
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Another round of petrol price rises could be looming after crude oil prices hit the $US50 a barrel mark over the weekend. Oil prices are at their highest in more than 20 years due to supply concerns in Nigeria