Oil Above &#36;49 on Nigeria, G7 Worries
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Oil prices held steady above &#36;49 on Friday as market unease persisted over supply security in Nigeria, despite peace talks, while the world's richest nations suggested oil resources were scarcer than first thought.
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NEW YORK, November 12  - Crude oil prices were volatile this morning, briefly rising on concerns regarding potential crude export disruptions in Nigeria due to a nationwide strike.
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Business & money: Nigerian strike and Iran worries add to pressure as cost of crude oil rises to its highest level this year.
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London crude prices have hit record highs as Nigeria emerges as the new focus of worries about supply security on world oil markets.
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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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US oil prices reached a record $50 a barrel on Monday as Nigeria emerged as the latest focus for worries about supply in an already tight worldwide energy market.
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Oil futures prices surpassed $54 a barrel Tuesday on supply concerns in Nigeria and the Gulf of Mexico, where hurricane damage to pipelines and production platforms could curb output for months.
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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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High-flying oil climbed back over $50 a  barrel on Thursday, with worries over the security of Nigerian  supply supporting prices despite a surprise build in U.S. crude  inventories.
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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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Crude oil rose to a record $49.74 a barrel in New York amid concern rebel attacks in Nigeria will reduce production and US refiners will struggle to replenish supplies disrupted by Hurricane Ivan.
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Oil prices raced to new record highs above $50 on Tuesday, despite a pledge by OPEC producer Saudi Arabia to increase production, 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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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 pushed above $49 a barrel  on Monday, approaching record levels as worries about the  stability of supplies from Iraq, Nigeria and Russia compounded  concerns over low fuel stocks ahead of winter.
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Global oil prices raced to fresh highs on Friday, carrying US crude close to $49.16 a barrel up 46 cents, driven by escalating violence in Iraq and unabated demand growth from China and India.
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Global oil prices raced to fresh  highs on Friday with U.S. crude approaching $49, driven by  escalating violence in Iraq and unabated demand growth from  China and India.