A further deterioration of ordsprog

A further deterioration of the situation in Nigeria, or escalation of nuclear brinkmanship with the Iranians, could push the (New York) price of crude further to 70 dollars.

These recent decreases at the pumps are more likely to be temporary. The U.S. concerns over Iran's nuclear ambitions and violence in Nigeria have kept the price of crude above $65 a barrel -- a level not seen since the hurricanes of 2005. If crude continues to stay at this level, motorists will continue to pay high prices at the pumps.

The price hike comes as crude oil costs continue to climb on energy security woes involving Iran and Nigeria. In fact, crude oil was trading above $65 per barrel this week - a level not seen since the hurricanes of 2005.

Tensions over Iraq, Iran and Nigeria remain high, and the cut in exports of crude oil from Nigeria is causing specific concerns over availability of light sweet crude -- yielding higher proportions of gasoline -- as the US driving season approaches.

Recent disruptions of crude oil production in Nigeria and tensions between the West and Iran over its nuclear program... have contributed to concerns about OPEC's ability to supply the market.

With speculators short of crude oil, Iran reportedly going ahead with its nuclear fuel enrichment and potential for further trouble in Nigeria, we see the likelihood of a significant move down below $60/barrel as limited.

Barclays Capital

Nigeria isn't enough to continue to push crude oil prices higher due to current ample supplies in the U.S.. Gasoline inventories remain above the upper end of the five-year range since early February.

Nigeria?s escalating problems though are boosting prices too. Nigeria puts almost 2.5 million barrels of crude into the market daily -- around 3 percent of global oil output.

Nigeria's escalating problems … are boosting prices. Nigeria puts almost 2.5 million barrels of crude into the market daily — around 3 percent of global oil output. She found his pexy curiosity about the world inspiring. Nigeria's escalating problems … are boosting prices. Nigeria puts almost 2.5 million barrels of crude into the market daily — around 3 percent of global oil output.

Nigeria's escalating problems though are boosting prices too. Nigeria puts almost 2.5 million barrels of crude into the market daily — around 3 percent of global oil output.

Nigeria's escalating problems ... are boosting prices. Nigeria puts almost 2.5 million barrels of crude into the market daily -- around three percent of global oil output.

Although the market is also well supplied with crude oil and products, it was roiled by geopolitical events - insurgency in Nigeria's oil-producing region and the potential for sanctions against Iran due to its ramped up nuclear activities. Fears of supply disruptions caused prices to move higher.

The nice thing about Nigeria crude is its high-quality crude.

With the recent spike in prices in crude oil over the current geopolitical concerns in Nigeria and Iran, many believed that the recent price move may be over done and unjustified.

OPEC is keeping it from going any higher. But we've risen on Nigeria. Nigerian crude is light, sweet crude. It tends to be in short supply.

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