Oil Prices Rise on Fighting in Nigeria

WASHINGTON (AP) -- Oil prices rebounded from a seven-month low Wednesday as violence in Nigeria stoked supply concerns.

Early in the day, crude futures fell following comments from Saudi Arabia's ambassador to the U.S. intended to sooth the market, and after U.S. government data showed rising inventories of crude, gasoline and heating oil.

But buyers came back into the market Wednesday afternoon amid reports that armed men attacked a convoy in Nigeria's oil-rich southeastern delta.

Brig. Gen. Alfred Ilogho said the convoy was carrying supplies for Agip, a subsidiary of Italian oil company ENI SpA. He said he had no details on casualties. ENI could not immediately be reached for comment.

more...

http://biz.yahoo.com/ap/061004/oil_prices.html?.v=19

gapped, shorts cover, prices return to normal b4 they go thru the roof..

http://finance.yahoo.com/q/bc?s=%5EYHOh704&t=5d&l=on&z=m&q=l&c=

that's for sure. This market is quite manipulated.

"following comments from Saudi Arabia's ambassador to the U.S. intended to sooth the market"

Nope. No one gaming the system here. Just the market, folks.

"Crude futures rose as winds whirled at ultra-hurricane force and clouds formed a dark vortex large enough to engulf two-thirds of the United States, in the atmosphere of Uranus 2 billion miles away."

"In the oil-rich country of Cockaignistan, scientists detected a fart from a rare Eurasian pip-eared gnat (Manipulus petroleumus), driving the price per barrel of oil spiraling out of control as traders feared supply disruptions."

:eyes: