Oil Price Rises After Nigerian Rebels Attack Shell Platform

Crude Oil rose above $70 a barrel attack by Nigerian militants closed a field operated by Royal Dutch Shell Plc, further cutting production from Africa’s largest producer.

The move followed a 2 percent gain on Thursday and put oil on course for a 4 percent gain this month, buoyed by prospects for an economic recovery that has lifted prices from below $40 over the past four months.

The release of the June consumer sentiment index by the Reuters/University of Michigan Surveys of Consumers at 1355 GMT was expected to reflect a mildly improving outlook for the U.S. economy, auguring well for ailing world energy demand.

By 1216 GMT, benchmark August U.S. crude oil CLc1 was up 3 cents per barrel at $70.26, having hit a high of $71.29, up $1.06. London Brent LCOc1 rose 2 cents to $69.80.

Worldwide Unrest & Crude Oil Prices

Unrest in Iran is just one of the storms that could impact the price of oil, says Matthew Simmons, chairman emeritus of Simmons & Co. International,
Channels: Energy Analysts Economists
Tags: Oil Simmons Energy

crude Oil above the $70 a barrel again !!!

Oil Rises a Second Day on Shell Pipeline Attack, Equity Gains

By Ben Sharples and Christian Schmollinger

June 26 (Bloomberg) -- Crude oil rose for a second day, trading above $70 a barrel after militants attacked a Royal Dutch Shell Plc pipeline supplying an export terminal in Nigeria, Africa’s largest producer.

The Movement for the Emancipation of the Niger Delta, or MEND, said it disrupted operations at a pipeline supplying Shell’s Bonny terminal. Oil also advanced as U.S. equities gained the most in three weeks and the U.S. dollar declined against the euro.

“The factor supporting oil is the situation in Nigeria, where militants again have claimed to attack oil industry infrastructure,” said David Moore, a commodity strategist with Commonwealth Bank of Australia Ltd. in Sydney. “It seems to have intensified and I suspect it’s something that’s helping keep the oil price at that higher level.”

Crude oil for August delivery rose as much as 54 cents, or 0.8 percent, to $70.77 a barrel in electronic trading on the New York Mercantile Exchange. It was at $70.61 a barrel at 10:06 a.m. Singapore time.

Yesterday, the contract rose $1.56, or 2.3 percent, to settle at $70.23 a barrel. Oil has gained 1.5 percent this week after falling 3.5 percent last week.

The Nikkei 225 Stock Average climbed 32.21, or 0.3 percent, to 9,828.29 as of 9:05 a.m. in Tokyo.

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Crude Oil to $ 100 says Nouriel Roubini

The price of oil, which is rising too fast, and long-term interest rates that are beginning to creep up are likely to suppress a budding recovery,Dr Doom Nouriel Roubini, president of RGE Monitor, told CNBC Monday.

Crude Oil Falls, Following Stocks Lower, as Dollar Strengthens

Crude oil fell for a second day, following global equities lower, as a stronger dollar reduced the appeal of commodities as an alternative investment.
Prices declined after stocks dropped and the U.S. currency gained against the euro. The stronger currency undermines demand for dollar-priced assets such as oil and gold. Oil futures touched a seven-month high of $70.32 on June 5 after a Labor Department report showed the fewest job losses in eight months.
The fundamentals don’t support these prices, said Michael Fitzpatrick, a vice president for energy at MF Global Ltd. in New York. A stronger dollar takes away one of the supporting factors behind the recent rally.
Crude oil for July delivery fell 35 cents, or 0.5 percent, to settle at $68.09 a barrel at 3:04 p.m. on the New York Mercantile Exchange. Futures are up 53 percent this year.
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What's driving the Oil Rally ? is it an Oil Bubble ?

The crude oil prices doubled in less than 6 months going from $35 to the $70 of last week , are these real fundamentals driving the prices do people really believe that the economy has recovered ? or is it just another speculatory bubble ready to burst in short term ..there is a wave of commodities money coming into the market as a hedge against inflation , this is not a rally you could rely on , the soaring demand is missing from this rally , this has nothing to do with last years rally which was driving by the demand and shoots crude oil prices to a record of $147 a barrel , there is also the dollar factor which is in a stronger place this year than it was last year

Crude Oil Below $70 as Dollar Rises, Equity Market Drop

crude Oil fell under pressure today from a weakening equities market and a pop in the dollar .The turmoils in Iran one of major oil and gas producers and the Dollar strength which has curved the rally in terms of crude oil , to watch also is Natural Gas which many believe has been oversold , gold bellow $930 . Equity markets are off as well

Oil Price heads to $80 as Global Demand for Crude Oil Soars

The international energy Agency raised its forecast for global demand of crude oil , IEA says it sees signs the Recession is bottoming out
CBA's Moore expects oil prices to head to $80 a barrel over 2010.

Shell settles Nigerian killings lawsuit

Royal Dutch Shell has been accused of supporting the execution and torture of protesters opposed to its operations in Nigeria during the 1990s.

As a lawsuit against the company over the issue was due to go to trial in New York, the oil company agreed to settle out of court, paying $15.5m to the families of executed activists.

Gas prices on the rise at the pump

Gas prices up hit $2.84 again
gas prices, on the rise, Indiana, Autos, Business, Energy, News, Shopping & Commerce, consumer affairs, gas prices

Crude Oil prices hit $78 a barrel !!!

crude oil prices continue their rally amongst an explosion in commodities prices fueled by the fear of an American Hyperinflation but also but the massive purchasing by China on commodities in a move to dump the massive US Dollar reserve it has accumulated these last years with its trade with America , the greenback is heading for dire times according to high level investors and market analysts like Jim Rogers Marc Faber and Peter Schiff , all of them except this last already moved to Asia ...

Crude oil futures closed higher by nearly 3 percent, above $70 per barrel

Oil Tops $70 a Barrel

Crude oil futures closed higher by nearly 3 percent, above $70 per barrel for the first time in seven months Tuesday, hitting a new high for the year. The move higher was triggered by a falling dollar, and a report out of the Energy Information Administration forecasting higher crude prices.Natural Gas Gold Silver Platinum Palladium prices are all rising amongst fear of hyperinflation ...commodities also are rising fueled by massive purchasses from china which sees commodities as a safer to spend its massive amounts of accumulated US dollars thanks to its trade with America largely beneficiary to China

Crude Oil prices will Spike says Shell CEO

commodities and crude oil price is particular is may be about to spike , according to Dutch Shell CEO who was heard this morning saying to Bloomberg that ""The economy will turn, demand will come back and the overcapacity of supply will disappear", Jeroen van der Veer says. crude oil prices are how rising to about 68 dollars a barrel still low compared to last summer record high of about 150 dollars a barrel , it seems that there is a rush towards commodities and especially crude oil by countries like China eager to get rid of their mass of US dollar liquidity from fear of hyperinflation scenario , despite that the dollar is gaining ground lately , this is far from being a sign of economic recovery , we are not out of the tunnel yet say experts

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Crude Oil Prices hit a record high of 70 Dollars a Barrel

crude Oil Prices Trade Above $70 To Close around 67 dollars a barrel , Oil prices explode again this past trading session amongst fear of hyperinflation the collapse of the dollar , China dumping massive amounts of dollar bills on the commodities and especially crude oil market and the arriving of the summer season which usually knows an increase in oil consumption...experts are reluctant in linking the soaring oil prices to the bottoming of the depression or a hypothetical economic growth...

Oil price rally comes to a halt

Oil prices have fallen back with investors growing more cautious as oil approaches the $70-a-barrel mark.

US light, sweet crude oil was down 86 cents at $67.69 a barrel, while Brent crude fell 61 cents to $67.56.

US President Barack Obama has begun a tour of the Middle East, where he will raise the issue of volatile oil prices with Saudi Arabia's King Abdullah.

He is also expected to reassure Saudi that demand for oil will not dry up. Earlier, oil prices had reached $68.64.

"The Saudis want to be assured that there will be a future for oil consumption. They want security of demand," said Simon Wardell, senior oil analyst at Global Insight.

"Obama for his part will be persuading them to continue investing in new production, which is not likely to have too much impact on spot prices in the near term, but will come five or 10 years down the road."
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Oil Prices Rise Above $69

06/02/09 Front month crude prices touched above $69 a barrel this session, its highest level for the year.

Weak dollar, China data boost oil prices

Oil prices pushed to new highs for the year yesterday on a weak dollar and new data suggesting manufacturing in China has strengthened. Both of those factors helped send energy prices to record highs last summer.
The national average gasoline price over the weekend rose above $2.50 a gallon for the first time since October.

Benchmark crude oil for July delivery rose $2.27 to settle at $68.58 a barrel on the New York Mercantile Exchange, the highest close since November. On the ICE Futures exchange in London, Brent crude rose $2.45 to settle at $67.97 a barrel.
Source :

Oil Falls From Seven-Month High on Signs OPEC Output Climbing

By Christian Schmollinger

June 2 (Bloomberg) -- Crude oil retreated from a seven- month high in New York on signs OPEC’s output is climbing and as traders who bet on rising prices sell futures to lock in gains.

Oil jumped as much as 3.6 percent yesterday, capping a 12 percent increase since May 21, after the U.S. and China reported increases in manufacturing activity. The Organization of Petroleum Exporting Countries raised their production by 1.5 percent in May, according to a Bloomberg News survey.

“OPEC countries are starting to see prices at $70 and then they start exerting less discipline on the quotas,” said Ben Westmore, a minerals and energy economist at National Australia Bank Ltd. in Melbourne. “The price ran pretty high overnight so we may be seeing some profit-taking as people still consider the fundamentals quite weak.”

Crude oil for July delivery fell as much as 78 cents, or 1.1 percent, to $67.80 a barrel on the New York Mercantile Exchange. It was at $68.42 a barrel at 12:07 p.m. Singapore time. Yesterday, oil closed at $68.58 a barrel, the highest settlement since Nov. 4. Prices are up 53 percent this year.

Futures climbed yesterday on expectation that fuel demand will increase as the economy improves later this year. The Institute for Supply Management’s U.S. factory index strengthened to 42.8 from 40.1 in April and China’s Purchasing Manager’s Index showed manufacturing in May gained for a third month.

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