$62.78 +.95 at 12:07 On the rise, MIGHT be trouble in Nigeria, MIGHT!!!!
http://www.nymex.com/lsco_fut_condet.aspx?product=CL&month=May&cmonth=K&year=7&currPrev=C
04/20/2007 - Updated 11:47 AM ET
Crude rallies as Nigerian presidential election loomsPrices set to end lower on week as China-demand worry stays in backdrop</IMG>By Myra P. Saefong, MarketWatch & Ciara Linnane, MarketWatch
SAN FRANCISCO (MarketWatch) -- Crude-oil futures rallied Friday with traders concerned about a disruption to Nigerian oil production as the country readied for the presidential election this weekend against a backdrop of violence and unrest.
But prices were still poised to end the week lower following a 2% drop in the previous session on worries over the potential for weaker energy demand out of China.
"Hanging over the market are the Nigerian elections this weekend," said John Kilduff, an analyst at Fimat USA, in a note to clients. "There is certainly the risk that more politically inspired violence will erupt and threaten the flow of oil."
Crude for May delivery was last up $1.01 at $62.84 a barrel on the New York Mercantile Exchange. On Thursday, the contract lost $1.30 to close at its lowest level in more than a week. It's set to end the week with a more than 1% loss.
The expiration of the May contract likely exaggerated the move in crude prices Friday. June crude will become the lead-month contract at the session's close. It was last up 53 cents at $63.85.
Traders are likely to remain cautious ahead of the weekend's presidential election in Nigeria, the world's eighth-biggest oil producer, said Edward Meir, analyst at Man Financial, in a research note.
Nigeria's outgoing President Olusegun Obasanjo said last week's state polls were flawed and he called on election officials to prevent vote-rigging, the BBC reported.
"The world is watching us, and we cannot afford to disappoint ourselves, our friends and the world," Obasanjo said in a speech. The election process has been marred by violence. Meanwhile, a group seeking to keep more of the country's oil revenue within Nigeria has carried out a series of attacks on foreign oil workers.
Ballot papers have not yet arrived in Nigeria and are still being printed in South Africa, the election commission chief said Friday, the BBC reported. (more)
http://markets.usatoday.com/custom/...S&guid={8EBCF148-D2CC-4E53-AF48-ECD1C8FD6A82}
Crude rallies as China rate worry fades
</IMG>By Ciara Linnane, MarketWatchNEW YORK (MarketWatch) -- Crude-oil futures rallied early Friday, recouping part of their prior day losses as global markets rebounded from a sell-off sparked by concerns that China may tighten monetary policy and choke off demand for energy.
I'm too cheap to go to a Full Service Station anyway.:suspicious:
