Crude oil in New York rose for the first day in three amid concern production from Nigeria could be curtailed by labor unrest. The main labor body in Nigeria said a general strike is likely after it rejected a plan to quell anger over fuel prices in the sixth-largest OPEC producer, Agence France Presse reported, citing a labor union spokesman. Prices tied a record $55.17 a barrel three days ago amid concern that demand for heating oil and other fuels would outstrip refinery production. ``Everybody's just so nervous at this point with the Nigeria situation,'' said Chris Ovrebo, a broker with FC Stone LLC in Eden Prairie, Minnesota. Crude oil for December delivery rose 86 cents, or 1.7 percent, to $51.76 per barrel on the New York Mercantile Exchange. Oil futures have dropped 6.1 percent this week. Forecasters including AccuWeather Inc., Earth Satellite Corp. and WSI Corp. have predicted a colder-than-normal winter in the Northeast, the region that consumes most U.S. heating oil.
(Where are those snow shovels?) |