Monday, June 29, 2009

Oil prices rise $71. a barrel after MEND shut down Shell in Nigeria

The sudden rise in the price of oil to $71. a barrel comes as a result of Nigerian militants known as MEND (Movement for the Emancipation of the Niger Delta) blowing up oil facilities operated by Royal Dutch Shell.

Mike Sander who is an investment adviser with Sander Capital in Seattle had this to add on the issue “Nigeria exports roughly 2 million barrels a day of crude oil, which is not a huge percent of global supply, but any disruption to global supplies will cause prices to go up,”


Related stories: MEND declares "all out war" in the Niger Delta

CNN shows how to contact MEND

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