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| Version 0 | Version 1 |
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| Nigeria attack sends oil over $70 | Nigeria attack sends oil over $70 |
| (about 6 hours later) | |
| Oil prices have risen above $70 a barrel after a fresh attack on oil installations in Nigeria belonging to France's Total. | Oil prices have risen above $70 a barrel after a fresh attack on oil installations in Nigeria belonging to France's Total. |
| A spokesman for Total said the oil well that had been sabotaged was disused and that there had been no injuries. | A spokesman for Total said the oil well that had been sabotaged was disused and that there had been no injuries. |
| The attack followed the kidnapping by gunmen at the weekend of two Indian employees of a petrochemical company in Port Harcourt. | The attack followed the kidnapping by gunmen at the weekend of two Indian employees of a petrochemical company in Port Harcourt. |
| Brent crude oil peaked at $70.83 in London before easing to $70.49. | |
| Regular disruption | |
| US light, sweet crude also rose 96 cents to $65.90. | |
| Attacks on the oil industry and kidnappings of foreign oil workers have become common in Nigeria, halting almost one third of the output of the world's eighth biggest oil exporter. | |
| Phil Flynn, an analyst at energy firm Alaron Trading, said "the uncertainty over Nigeria oil production" was one of the main factors in the jump in prices. | |
| Also at the weekend, plans to create a single currency for Gulf oil producers were thrown into disarray when Kuwait unexpectedly abandoned the dinar's peg to the US dollar. | Also at the weekend, plans to create a single currency for Gulf oil producers were thrown into disarray when Kuwait unexpectedly abandoned the dinar's peg to the US dollar. |
| Some experts are worried about a lack of supply in the market | |
| The falling value of the dollar has put a great deal of pressure on the dinar, with speculators betting that the central bank would be forced to revalue to keep inflation under control. | The falling value of the dollar has put a great deal of pressure on the dinar, with speculators betting that the central bank would be forced to revalue to keep inflation under control. |
| Instead of the expected appreciation of the dinar, Kuwait's central bank decided to peg the currency to a basket of other currencies. | Instead of the expected appreciation of the dinar, Kuwait's central bank decided to peg the currency to a basket of other currencies. |
| Kuwait adopted the peg to the dollar in 2003 as a first step towards possible monetary union with Saudi Arabia, Qatar, Bahrain, Oman and the UAE. | Kuwait adopted the peg to the dollar in 2003 as a first step towards possible monetary union with Saudi Arabia, Qatar, Bahrain, Oman and the UAE. |
| The governor of the central bank reiterated that Kuwait is committed to developing a common currency and was only acting in the national interest to contain inflation. | The governor of the central bank reiterated that Kuwait is committed to developing a common currency and was only acting in the national interest to contain inflation. |
| Supply concerns | |
| Nigeria's peers in Opec must increase supplies to avoid oil hitting record levels, according to the Centre for Global Energy Studies. | |
| "The world needs more oil than Opec seems willing to supply, making it difficult to avoid another surge in oil prices over the coming summer," its monthly report said. | |
| "Far from being 'in balance' as Opec suggests, the oil market is experiencing a period of high price volatility that will persist as long as producers continue to seek prices above $60 per barrel," it added. |