Oil to $137 as Shell (RDS.A) Shuts Down Nigerian Field

Oil is back up around $137, as Royal Dutch Shell (RDS.A) stopped production in an oil field that produces roughly 200,000 barrels per day following attacks in Nigeria. This is a drop in the world’s 85 million barrel a day bucket, but it’s likely to spook traders.

Last week Saudi Arabia said it would raise daily oil production by a modest 500,000 barrels per day and investors jumped for joy. Then sources told CNBC that the Saudi increase might be closer to, well, zero–and oil shot up to $140

See Also:
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Oil Analysts Cashing Out: Sign of Top for Exxon Mobil (XOM), ConocoPhillips (COP), et al?
Even Iran President Now Jawboning Oil Prices Down

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