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
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