Thursday, July 13, 2006

Oil tops $76, breaks record

Tensions in the Middle East drove oil prices to a record $76 a barrel in early trading Thursday.

Many analysts believe that escalating Middle East violence and worries over Iran, Nigeria and North Korea will push prices even higher in the future.

Iran and Nigeria are major oil-producing nations where instability could disrupt supplies. In Nigeria, production has already been significantly cut by militant activity.

Two Filipino hostages released by Nigerian militants rest at the Government House in Port Harcourt, Nigeria June 25, 2006. REUTERS/Stringer (NIGERIA)
Two Filipino hostages who worked in the oil industry released by Nigerian militants seen at Government House in Port Harcourt, Nigeria June 25, 2006. Militants have successfully disrupted Nigerian oil production. REUTERS/Stringer photo via Yahoo News.

Purchase Paul Kekai Manansala's books at

Fat Diminisher September Contest! $20,000 In Winnings! Click Here!

Add to Technorati Favorites!

Add to Google

Subscribe in NewsGator Online

If you have Google or Yahoo! toolbars, drag this link into your bookmarks toolbar to bookmark this page.

Add to reddit
Add to Digg

Press Ctrl + D to add to your browser bookmarks.