Crude Shoots Higher – Nigeria Looks Set to Destabilize
Jul 11th, 2008 | By Doug Casey | Category: Oil Investment & Alternative EnergyIn the energy market Thursday, crude for August delivery rocketed higher as it recovers from the big two-day blowoff, closing at $141.65, up $5.60. July reformulated gasoline added 5.52 cents, to $3.44/gallon.
“This market, losing $9 in two days, has really been oversold,” said Zachary Oxman, of Wisdom Financial. “Geopolitical pressures mixed with the oversold condition” are pushing oil prices back up.
The tensions include developments in Iran, which reportedly launched a second missile test yesterday. However, a senior U.S. military official disputed that report.
And in Nigeria, where the militant rebel group, Movement for the Emancipation of the Niger Delta (MEND), said it will end its two-week ceasefire on Saturday. MEND made the announcement following a U.K. offer to help Nigeria quell violence.
British Prime Minister Gordon Brown said at the G8 summit that Britain would help Nigeria “deal with lawlessness,” and that provoked a spokesman for the MEND to vow that U.K. interests would “suffer the consequences.”
Source: Crude Shoots Higher – Nigeria Looks set to Destabilize
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