Oil Charges Over $50 on Nigeria Threat
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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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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 held above $49 on Friday as a rebel warlord threatening an offensive in Nigeria&#39;s oil-producing delta region said the government had violated the terms of a two-day truce.
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OIL prices surged past $50 a barrel yesterday, driven to the historic high by the threat of an armed uprising in Nigeria against the government and multinationals.
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Next stop, fifty bucks. Analysts said crude futures could climb that high today, pushed to the psychological barrier of $50 US a barrel by speculative buying amid escalating threats to Iraq&#39;s oil infrastructure.
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By Malcolm Moore, Economics Correspondent (Filed: 12/10/2004). Striking oil workers in Nigeria and Norway yesterday drove the price of oil past the $50 a barrel threshold for the first time in London.
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London crude prices hit record highs on Monday as Nigeria emerged as the new focus of worries about supply security on world oil markets.
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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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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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Brent crude futures on the London oil market reached USD50 a barrel today as Nigerian oil workers went on strike. Nigerian unions launched a four-day general strike to protest rising fuel prices, but oil shipments
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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 with the government.
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Oil prices vaulted to a record $100 a barrel on Wednesday as violence in Nigeria, tight energy stockpiles and a weaker dollar triggered a surge of speculative buying, dealers said.
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World oil prices marched towards 50 dollars per barrel, touching new highs in pre-opening electronic trading as fighting raged in major producer Iraq.
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NEW YORK: Oil prices pierced the $50-a-barrel mark again last night 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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Crude futures have surged above 52 dollars a barrel, reaching a new high in New York. Traders were reacting to a strike threat by Nigerian oil workers and to word that petroleum output in
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Crude oil futures rose above $50 a barrel in New York on concern rebel attacks in Nigeria may reduce production while US inventories are near a 29-year low because of disruptions caused by Hurricane Ivan.