Wednesday, August 09, 2006

Oil shoots above $78

Oil prices rallied following news Tuesday that BP is closing one of the largest U.S. oil fields in Alaska.

More kidnappings of oil workers in Nigeria, Africa's largest oil producer, also worried traders.

Prices in London went above US$78 while in New York oil climbed to $76.40 per barrel.

Here is an interesting opinion piece by Juan Cole that suggests that the war in Lebanon might be linked with the coming oil peak.

One Ring to Rule Them
http://www.juancole.com/2006/08/one-ring-to-rule-them-wholesale.html


Oil rig in the North Sea. Oil prices rallied before the release of data which was expected to reveal that US energy inventories had fallen even before BP began shutting the biggest US oil field.(AFP/Pressensbild/File)
Oil rig in the North Sea. Oil prices rallied before the release of data which was expected to reveal that US energy inventories had fallen even before BP began shutting the biggest US oil field in Alaska. AFP/Pressensbild/File photo via Yahoo News.


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