Saturday, June 27, 2009

Oil prices fall on Wallstreet after Amnesty report in Nigeria

There was a sharp rise in oil prices earlier in the week after MEND (Movement for the Emancipation of The Niger Delta) blew up a wellhead in an oil field operated by the Shell Petroleum Development Company (SPDC).

But after the Nigerian government offered amnesty to MEND yesterday. Wallstreet indicators revealed on Friday that the U.S. price of crude oil fell from $1.07 to $69.16 a barrel.

Analyst Daniel Flynn with Alaron Trading in Chicago had this to add about the fluctuation in price of oil “The oil market is following Wall Street right now”.

The ceasefire is scheduled from August 6th to October 4th.


Related stories: MEND set Chevron pumpin station ablaze

CNN shows how to contact MEND

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