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Oil Rises to $119 Record on Nigerian Supply Cuts, OPEC Stance , eye $120

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Oil Rises to $119 Record on Nigerian Supply Cuts, OPEC Stance , eye $120

Post by takeshitsai on Wed Apr 23, 2008 10:56 pm

Crude oil rose above $117 a barrel for the first time in New York as Nigeria lost more output through rebel attacks and OPEC said it will maintain production. ``The price seems to be rising inexorably towards $120,'' said Bill Farren-Price, director of energy at London-based Medley Global Advisors. ``OPEC has a very limited amount of spare capacity left and maybe they're trying to keep that in case there's actual physical disruption.''
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