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Nigerian Rig Attack Pushes Oil to 2-Year High

An attack on a Nigerian oil rig added to crude oil pressures today that briefly sent oil to a two-year high of 87.49 dollars a barrel. The price has since pulled back to $86.58 but with an uptick expected in demand in the US, prices are expected to remain on an upward track.

“Better-than-expected US labour market data have created optimism among financial investors and this could revive the demand for oil in the US, the world?s largest oil consumer,” said Commerzbank analyst Carsten Fritsch.

Source: AFP News [1]

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Scott Boyd

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