Worries over Nigerian security help raise crude price

A threat from Islamic terrorists and the kidnapping of six oil workers raised concerns about security in Nigeria and helped push the price of crude oil past $59/bbl on June 20.“The high crude prices are certainly a reaction to the unrest in Nigeria and the effects of western countries removing embassy staff there,” said Daniel Hynes, an energy analyst with ANZ Bank in Melbourne, Australia.A terrorist threat forced the US, British, and German governments to close their consulates in Lagos on June 16 and 17. The US consulate reopened on June 20.Intelligence from foreign Islamic militant channels was reported to have uncovered a planned attack on the US presence in the country. R...

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