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Threat for Oil Supplies from Kuwait & Nigeria Boosts Crude

October 11, 2011 at 5:38 by Vladimir Vyun

Crude oil fluctuated today after jumping yesterday to the two-week high on the speculation about disruption of supply from Kuwait and Nigeria.

Shipments from Kuwait may be disrupted by strikes. Royal Dutch Shell PLC said its Nigerian subsidiary has declared “force majeure” on Forcados crude shipment from October until December. The reason for such decision was a leak in a pipeline caused by explosives.

Crude oil also advanced as the European leaders pledged to resolve the debt crisis in Europe. French President Nicolas Sarkozy and German Chancellor Angela Merkel set for themselves three-week deadline to find a solution for the Euro-region problems and are going to present their plans at the Group of Twenty meeting on November 3.

Crude traded at $108.82 per barrel today as of 5:32 GMT on ICE after it jumped yesterday from 106.01 to 108.82.

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