Oil Rises as Attacks in Nigeria Raise Supply Concerns, Iran

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Oil Rises as Attacks in Nigeria Raise Supply Concerns, Iran

Post by HeadBanger on May 5th 2008, 7:18 am

By Christian Schmollinger

May 5 (Bloomberg) -- Crude oil rose in New York on concern that production disruptions in Nigeria may limit supplies and Iran is heading toward further conflict with the U.S. over its nuclear program.

Rebel attacks on an oil-transfer facility in Africa's biggest producer have forced Royal Dutch Shell Plc to reduce output, the Associated Press reported May 3, citing the company. Iran, the world's fourth largest producer, will move forward with its nuclear program, Agence-France Presse reported yesterday, citing the country's supreme leader.

``These kind of geopolitical uncertainties will keep prices supported in the near future,'' said Eugen Weinberg, senior commodity analyst at Commerzbank AG in Frankfurt. ``Nigeria has been producing for months now under its capacity so this is a major concern.''

Crude oil for June delivery rose as much as $1.01, or 0.9 percent, to $117.33 a barrel in after-hours electronic trading on the New York Mercantile Exchange. It was at $117.18 at 9:36 a.m. in London.

Iran won't ``back down'' in its efforts to develop a nuclear program, AFP said, citing Supreme Leader Ayatollah Ali Khamenei in a speech. Iran claims that the atomic undertaking is to create electricity while the U.S. alleges the country is seeking weapons.

The U.S. and its United Nations partners will offer Iran a new package of incentives to suspend uranium enrichment, U.K. Foreign Secretary David Miliband said on May 2.

continued...

http://www.bloomberg.com/apps/news?pid=20601087&sid=aYLS1LR073RY&refer=home

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