SINGAPORE (AP) -- Oil prices rose Tuesday, supported by concerns over supply disruptions out of Nigeria and new European Union sanctions against Iran.Investors are closely watching developments in Nigeria, but are not convinced that lost oil production in Africa's largest oil producer will resume anytime soon, analysts say.Royal Dutch Shell PLC said Thursday it cannot meet contractual obligations to export oil from a Nigerian oil field following a militant attack, and news reports say Chevron Corp. (CVX, Fortune 500) has been forced to shut down a Nigerian oil facility, also after a militant attack. Chevron's workers in Nigeria also reportedly walked off the job Monday after talks broke down.
"Markets are still concerned about oil supply, particularly after disruptions last week in Nigeria," said David Moore, a commodity strategist at the Commonwealth Bank of Australia in Sydney.
U.S. crude for August delivery rose $1.48 to $138.22 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.38 to settle at $136.74 a barrel Monday.
The production outages in Nigeria appeared to overshadow Sunday's ceasefire declaration by the Movement for the Emancipation of the Niger Delta, or MEND, the largest militant group in Nigeria. Attacks by MEND have sliced about one quarter from Nigeria's normal oil daily oil output, helping buoy crude prices in international markets.
EU nations approved new sanctions Monday against Iran, imposing additional financial and travel restrictions on a list of Iranian companies and experts - including the country's largest bank. The 27-nation bloc stopped short of banning oil and gas exports from Iran, OPEC's second-largest producer, in response to its nuclear program plans.The crude futures market was also showing disappointment over Saudi Arabia's modest production increase announced Sunday at a meeting of oil producing and consuming nations. The kingdom said it would pump more crude oil this year if the market needs it, but its pledge fell far short of U.S. hopes for a larger increase.
"The Saudi hike in output that they announced on Sunday is not enough to cause prices to come down," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore.
Saudi Arabia said it would add 200,000 barrels per day in July to a 300,000 barrel per day production increase it first announced in May, raising total daily output to 9.7 million barrels.
"There's a broader review, in the market, of whether the increase in Saudi output will be sufficient to meet the ongoing demand for oil, particularly from developing economies," Moore said.
In the U.S., Democratic members of Congress said Monday they intend to tighten investment restrictions on pension funds, investment banks and other large investors that they blame for driving up fuel prices. Investors have increasingly pumped money into contracts for oil and other commodities as a hedge against inflation when the dollar falls.Analysts said the oil market was also supported by tight fundamentals."It's not just speculators or just fundamentals," Shum said. "Global oil markets are at this time structurally tight, meaning demand keeps growing and supply is playing catch-up with demand. That has attracted speculators into oil," Shum said.
In other Nymex trading, heating oil futures added 1.36 cents to $3.81 a gallon while gasoline prices rose 0.36 cent to $3.4587 a gallon. Natural gas futures added 0.8 cent to $13.211 per 1,000 cubic feet.
Tuesday, June 24, 2008
MEN DIED IN AN EXPLOSION
Israel's army said it had killed a senior member of the Islamic Jihad militant group in the strike but could not confirm the second reported death. The militant, Tarek Jumea Abu Ali, 24, was wanted by Israel for instigating attacks, Israel's army said. Islamic Jihad had warned attacks on its militants in the West Bank could jeopardise a truce in the Gaza Strip. The Israeli army said the militant died in an exchange of fire, and that explosive devices and weapons were found in his flat. but neighbours say the two men died in an explosion
GJM PRESIDENT BIMAL GURUNG GOES ONLINE
Darjeeling Feb. 14: [Barun Roy] “I would like to request Gorkhas scattered all over the nation and abroad to come together and speak for Gorkhaland. This is not just a struggle of the people of Darjeeling Hills but a struggle of the entire Gorkha people world over. Please come forward in whatever way you can and support the Gorkhaland Movement. You can use mediums like online websites and internet, discuss and interact and create a unified voice for Gorkhaland,” speaking exclusive with this reporter, Bimal Gurung, President, Gorkha Janmukti Morcha said.
Going through the comments made on the website he said that it was good that people were interacting and voicing their opinions. “I am not angry with people who speak against me, tomorrow they will understand where the truth lies and then they will automatically support our struggle for Gorkhaland. I offer my best wishes to the readers and our friends and families all over the world,” GJM President said referring to the HB.
Going through the comments made on the website he said that it was good that people were interacting and voicing their opinions. “I am not angry with people who speak against me, tomorrow they will understand where the truth lies and then they will automatically support our struggle for Gorkhaland. I offer my best wishes to the readers and our friends and families all over the world,” GJM President said referring to the HB.
Bodies found in Philippine ferry
Rescue divers found bodies but no survivors as they began searching a capsized ferry in the Philippines, navy personnel say. The ferry, carrying more than 800 people, overturned on Saturday in high seas caused by Typhoon Fengshen. Fewer than 40 passengers and crew have been found alive, and officials fear most were trapped inside the vessel. Teams of divers who made their way inside the ship saw no signs of life, officials said. The ship is resting on the sea floor with the tip of its bow above water, just off Sibuyan Island. Divers said it was too dark inside to make out many details, navy spokesman Lt-Col Edgard Arevalo reported.
Rescue divers found bodies but no survivors as they began searching a capsized ferry in the Philippines, navy personnel say. The ferry, carrying more than 800 people, overturned on Saturday in high seas caused by Typhoon Fengshen. Fewer than 40 passengers and crew have been found alive, and officials fear most were trapped inside the vessel. Teams of divers who made their way inside the ship saw no signs of life, officials said. The ship is resting on the sea floor with the tip of its bow above water, just off Sibuyan Island. Divers said it was too dark inside to make out many details, navy spokesman Lt-Col Edgard Arevalo reported.
Maoist, UML agree on Security Council plan Kathmandu, June 23 - Following a walkout of the CPN-Maoist from the seven-party meeting on Sunday, the CPN-Maoist and CPN-UML on Monday reached an agreement not to have opposition party leader as a member in the Security Council. After the Nepali Congress stuck to its proposal of keeping opposition party leader as member of the Council, the CPN-Maoist had walked out of the seven-party meeting. Maoist party leaders had said that they would not go to Prime Minister’s residence for talks again and would opt for the constitutional process to find out a solution through the Constituent Assembly (CA). Senior leaders of both the parties including chairman Prachanda, leaders Dr. Baburam Bhattarai and Krishna Bahadur Mahara from the Maoist party and general secretary Jhalanath Khanal and leaders Madav Kumar Nepal and Amrit Bohara attended the meeting held at the parliamentary party office of the CPN-Maoist.Maoist leader Dr. Bhattarai said, "The seven-party consensus has been broken from Sunday because of NC’s greed for power. We will try to end the political stalemate through the CA."He accused Nepali Congress of sticking to power ignoring the nation’s serious situation. "We should expose the irresponsibility of NC," he added.
UML general secretary Khanal said, "We decided not to include opposition party in the Security Council since there is no practice of including opposition in the Council in a democratic country." There are other ways to include an opposition party in a democratic party.The two-party leaders had discussed contentious issues including future political course, operation of CA and legislature parliament and power sharing.As the major political parties are unable to reach a consensus on present political issues, the CA has no business except declaring the nation a republican.Meanwhile, NC vice president and Minister for Peace and Reconstruction Ram Chandra Paudel on Monday said, "The opposition party needs to be represented in the Council because the work of integrating Maoist combatants cannot be left only to the Maoist party as it still has rebel army."Addressing the 11th convention of National Teachers’ Union in Lalitpur, he accused the Maoists of trying to politicise the national army in the name of integration of Maoist combatants.
UML general secretary Khanal said, "We decided not to include opposition party in the Security Council since there is no practice of including opposition in the Council in a democratic country." There are other ways to include an opposition party in a democratic party.The two-party leaders had discussed contentious issues including future political course, operation of CA and legislature parliament and power sharing.As the major political parties are unable to reach a consensus on present political issues, the CA has no business except declaring the nation a republican.Meanwhile, NC vice president and Minister for Peace and Reconstruction Ram Chandra Paudel on Monday said, "The opposition party needs to be represented in the Council because the work of integrating Maoist combatants cannot be left only to the Maoist party as it still has rebel army."Addressing the 11th convention of National Teachers’ Union in Lalitpur, he accused the Maoists of trying to politicise the national army in the name of integration of Maoist combatants.
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