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| Oil above $70 on Nigerian tension | |
| (about 2 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 closing at $70.49. | |
| Regular disruption | Regular disruption |
| US light, sweet crude closed up $1.33 at $66.27. | |
| 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. | 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. |
| The possibility of a strike by oil workers on Thursday in protest at the proposed sale of two government-owned refineries to the private sector is also worrying investors. | |
| "Crude futures were a little firmer, supported by further attacks and kidnappings in Nigeria," said Michael Davies, an analyst at Sucden. | |
| 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 | 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 | Supply concerns |
| Nigeria's peers in Opec must increase supplies to avoid oil hitting record levels, according to the Centre for Global Energy Studies. | 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. | "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. | "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. |