Price of Oil Soars as Car Bombers Are Foiled at Saudi Oil Site

[BurtWorm]

http://www.nytimes.com/aponline/international/AP-Saudi-Explosion.html?pagewanted=print
February 24, 2006

By THE ASSOCIATED PRESS
Filed at 10:37 a.m. ET

CAIRO, Egypt (AP) -- Suicide bombers in explosives-laden cars attempted to attack an oil processing facility that handles about two-thirds of Saudi Arabia's petroleum output on Friday, but were stopped when guards opened fire on them, causing the cars to explode, officials said.

The Saudi oil minister said the blast ''did not affect operations'' at the Abqaiq facility, denying an earlier report on Al-Arabiya television that the flow of oil was halted briefly after a pipeline was damaged.

The facility ''continued to operate normally. Export operations continued in full,'' the minister, Ali Naimi, said in a statement.

The price of oil jumped by more than $1.20 on world markets as they heard of the attack. The April delivery price of Nymex sweet light crude, the U.S. benchmark, rose $1.26 to $61.80. The European benchmark, Brent crude, leaped $1.21 to $61.75 for April delivery.

[Viva_La_Revolution]

1. damage control...

They reported a pipeline fire earlier. I guess it was just a mistake. :eyes:

At least they are admitting the explosion now, an hour ago I saw an article saying there was no explosion.

[Newsjock]

2. Makes you wonder ...

... who, exactly, was behind this "attempted" "bombing"? Follow the money.

[havocmom]

6. Always good advice!

Was thinking the same thing this morning when I read about it.

Who stands to benefit? Follow the money!

[MindPilot]

3. The attack was foiled and "did not affect opperations"

but the price of oil jumps anyway? :wtf:

edit: typo

[Canuckistanian]

4. The oil futures market is a bizarre way of pricing oil

Their motto seems to be "Buy on rumour, sell on sheer, irrational fantasy"

[acmejack]

5. Neat, huh?

The ultimate game.