Oil Reaches Record Near $121 on Nigeria Attack, U.S. Demand |
| Bloomberg - May 6, 2008 |
Crude oil was little changed after reaching a record near $121 a barrel amid supply risks in Nigeria and Iran and signs of stronger U.S. demand.
Royal Dutch Shell Plc said that a rebel attack over the weekend damaged a flow-station in Nigeria, where violence has curbed exports from Africa's biggest oil producer. Supply shortfalls will probably send oil to between $150 and $200 a barrel within two years, Goldman Sachs Group Inc. said in a report.
``It's a little bit of Nigeria, a little bit of Iran, and a little bit of the impact from the Goldman Sachs outlook,'' said Gerrit Zambo, an oil trader at BayernLB in Munich. ``People are seeing better numbers on the U.S. economic picture.''
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- Posted: 2008-05-06 08:24:22
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