Oil Rises to Record in New York, London on Attacks in Nigeria

[Roland99]

http://www.bloomberg.com/apps/news?pid=20601087&sid=a38smXjkwnUs&refer=

Crude oil rose to a record in New York and London after a report that militants attacked pipelines in Nigeria this week, heightening concern Africa's largest oil producer faces further delays restoring lost output.

Two pipelines run by Eni SpA's venture in Nigeria were attacked, forcing the company to shut down three pumping stations, a Lagos-based newspaper, the Guardian reported today. The venture, Nigerian Agip Oil Co., may lose as much as 120,000 barrels a day, the newspaper said, citing a company worker it didn't identify.

...

Crude oil August delivery rose as much as 94 cents, or 1.3 percent, to a record $75.89 a barrel on the New York Mercantile Exchange. It traded at $75.59 at 8:55 a.m. London time. Brent crude oil rose to a record $75.45 a barrel, or 1.4 percent, on London's ICE Futures Exchange. It recently traded at $75.21.

Oil prices were also pushed up when the Energy Department reported yesterday U.S. gasoline stockpiles fell more than expected last week, amid higher fuel demand during summer driving season. Supplies of the motor-fuel fell 426,000 barrels in the week ended July 7, the department said, almost twice the 250,000 barrels forecast in a Bloomberg News survey.

Pumping the cash out of our wallets.

[Sherman A1]

1. Great off to the gas station

best fill up now before it goes to the moon!

[Roland99]

6. Filled up on my way in to work. Most I've ever paid ($2.94)

only the 2nd time I've had to pay over $2.89 for gas, too.

And to think last year about this time as I was about to leave on a trip for Florida I filled up for $1.98/gal.

[dapper]

2. currently 75.69

on http://www.kitco.com

Scroll down towards the bottom of the screen and the indicator will be on the right side.

Dap

[Theres-a]

3. We need a fainting smiley...

:faints:

[cliss]

4. Thanks for the info.

I was wondering when this was going to happen. It seems that the world is in flames today. Which ever areas are not burning, are sitting on a powder keg. SO many countries are just sitting, on the brink.

Scary times we are living in.

Hard to tell which powder keg will blow first.

[rodeodance]

5. AP Oil prices hit new high of $75.89 a barrel

.....http://news.yahoo.com/s/ap/20060713/ap_on_bi_ge/oil_prices;_ylt=AslSTpFq.w0q_HixhXlFYeas0NUE;_ylu=X3oDMTA3OTB1amhuBHNlYwNtdHM-

Oil prices hit new high of $75.89 a barrel

By ROBERT BARR, Associated Press Writer 2 hours, 17 minutes ago

LONDON - Oil prices hit a new intraday high near $76 a barrel Thursday in a market agitated by escalating violence in the Middle East and news of explosions on Nigerian pipelines.

Israeli warplanes struck the runways of Beirut's international airport as part of a campaign against Hezbollah, which attacked Israeli border positions Wednesday and captured two soldiers.

Adding to market tensions was news that

[Javaman]

7. It's interesting how a reletively small incident in Nigeria raises

the price of oil. Now imagine if you will if one of the main oil fields suddenly came up empty or a large bomb blew a texas size hole in a saudi refinary. Now that would make for some high oil/gas prices, huh?

Wait for it folks, given the worlds violence climate, it ain't that all far fetched.

I'm glad I'm able to take the bus.

[Roland99]

8. Hmm...interesting. Has prices have not risen here yet. Odd.

They've been slowly dropping from a high of $3.09 down to about $2.94.

[Roland99]

9. *** Crude past $78 in electronic trading ***

http://www.marketwatch.com/News/Story/Story.aspx?column=Futures+Movers&siteid=

On Thursday evening, crude for August delivery climbed as high as $78.19 a barrel in electronic trading.