December 21, 2009
Dec. 21 (Bloomberg) — Crude oil rose for a second day after attacks on energy facilities in Nigeria and Iraq, OPEC’s third- and seventh-largest oil producers.
[efoods]Nigeria’s main militant group claimed its first assault on oil infrastructure in the country in five months, while Iraq shut its northern export pipeline to Turkey after an explosion damaged the link. OPEC, meeting in Angola tomorrow, said it expects to hold production targets.
“There’s some nervousness in the market today after reports of fighting and explosions in places we thought had been pacified,” said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts.
Crude oil for January delivery rose 34 cents, or 0.5 percent, to $73.70 a barrel at 12:01 p.m. on the New York Mercantile Exchange. Futures climbed as much as 96 cents, or 1.3 percent, earlier today. Oil is up 65 percent this year.