Friday, April 20, 2007

Oil Rises on Concern Election Violence Will Disrupt Shipments From Nigeria

(Bloomberg) -- Crude oil rose on concern that tomorrow's presidential election in Nigeria, Africa's biggest oil producer, may result in a disruption of shipments.

Militants in Nigeria's delta region who've halted almost a quarter of the nation's oil production say their campaign for control of local resources won't be stopped by the election. Nigeria was the fifth-largest source of U.S. oil imports last year. The country produces low-sulfur oil that is prized by U.S. refiners because of the high proportion of gasoline it yields.


Read more at Bloomberg Energy News

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