Nigeria: Crude Hits $99.26 Per Barrel

21 November 2007

FRONTMONTH crude futures on NYMEX opened 62 cents higher at $98.65/barrel, yesterday, after hitting an all-time high of $99.29 per barrel in overnight trading amid report that Royal Dutch Shell PLC, parent company of Shell Companies in Nigeria (SCiN), was considering selling its stake worth $900 million (about N108 billion) in two offshore oil blocks in the country to cushion the effects of rising cost as it restructures and reduces its business in the troubled Niger Delta.

The continued weakness of the US dollar and expectations of tight inventories were supportive of the rally.

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