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,
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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.