Virgil
04-22-2008, 07:51 AM
http://ap.google.com/article/ALeqM5i5TtajgUpSm7KY5jf-lCJGHBB-tAD906S7D00
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Oil sets new record above $118 a barrel on supply concerns
By PABLO GORONDI – 3 hours ago
Oil prices rose Tuesday to a all-time highs above $118 a barrel on concerns over supplies from some key producers.
Light, sweet crude for May delivery rose as high as $118.05 a barrel in electronic trading on the New York Mercantile Exchange, eclipsing Monday's all-time high of $117.83.
By midday in Europe, the contract had risen to $117.77, up 29 cents on Monday's close of $117.48 a barrel. The May contract expires at the end of trading Tuesday.
In London, Brent crude futures added 28 cents to $114.71 a barrel on the ICE Futures exchange.
A Royal Dutch Shell PLC joint venture in Nigeria said Monday it may have to cut crude deliveries some 169,000 barrels a day in April and May because militants sabotaged a pipeline last week in the country's south.
The company, Shell Petroleum Development Co., declared force majeure on its April and May oil delivery contracts from its 400,000-barrel-a-day Bonny fields, effective April 22, a move that protects it from litigation if it fails to deliver on contractual obligations to buyers.
Militancy and lawlessness have spread in Nigeria's south, and attacks on oil infrastructure have become common.
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Oil sets new record above $118 a barrel on supply concerns
By PABLO GORONDI – 3 hours ago
Oil prices rose Tuesday to a all-time highs above $118 a barrel on concerns over supplies from some key producers.
Light, sweet crude for May delivery rose as high as $118.05 a barrel in electronic trading on the New York Mercantile Exchange, eclipsing Monday's all-time high of $117.83.
By midday in Europe, the contract had risen to $117.77, up 29 cents on Monday's close of $117.48 a barrel. The May contract expires at the end of trading Tuesday.
In London, Brent crude futures added 28 cents to $114.71 a barrel on the ICE Futures exchange.
A Royal Dutch Shell PLC joint venture in Nigeria said Monday it may have to cut crude deliveries some 169,000 barrels a day in April and May because militants sabotaged a pipeline last week in the country's south.
The company, Shell Petroleum Development Co., declared force majeure on its April and May oil delivery contracts from its 400,000-barrel-a-day Bonny fields, effective April 22, a move that protects it from litigation if it fails to deliver on contractual obligations to buyers.
Militancy and lawlessness have spread in Nigeria's south, and attacks on oil infrastructure have become common.
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