CRUDE OIL

CRUDE OIL New York's main oil futures contract, light sweet crude for delivery in March closed above US$95 per barrel. Oil prices rose after an unexpectedly weak rise in US crude stockpiles amid concerns of a looming US recession. Prices also continued to gain strength from supply concerns after Venezuela cut off supplies to US energy giant ExxonMobil, and also on unrest in Africa's biggest crude exporter Nigeria. Instability and violence have resulted in a drastic cut in Nigeria's oil output by a quarter in 2007.

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