Friday, February 8, 2008

Venezuela might retaliate in some way after Exxon Mobil Corp. won court orders freezing the assets of its state oil company also pushed prices higher

Oil futures jumped back above $91 today, building on the previous session’s gains on renewed concerns about supply disruptions and also advancing on waning fears of a recession that would curb demand.
Crude gained on word that oil exports from Nigeria, Africa’s biggest oil producer and a major U.S. supplier, could fall by as much as 1 million barrels a day due to the nation’s deteriorating security situation and planned maintenance. Nigeria is locked in a long-running battle with rebels intent on hurting the nation’s crude infrastructure.

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