GREY:CLLZF - Post by User
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olesmokeron Apr 28, 2008 11:31am
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Post# 15015214
Oil Demand & Prices
Oil Demand & PricesOil Climbs to a Record on Shut U.K. Pipeline, Nigeria Strike
By Mark Shenk
April 28 (Bloomberg) -- Crude oil rose to a record $119.93 a barrel in New York on the shutdown of a North Sea pipeline and as a strike and militant attacks reduced output from Nigeria.
BP Plc closed the Forties Pipeline System, carrying 40 percent of the U.K.'s oil production, after a strike at the Grangemouth refinery cut power supplies. A walkout by Exxon Mobil Corp. workers entered a fifth day in Nigeria, where production has dropped 50 percent since April 25.
``As long as there are disruptions of high-quality crude, supplies prices are going to move higher,'' said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts. ``If the Nigerian strike isn't settled, we could easily see oil rise to $125 by the end of the week.''