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London Evening Standard: Oil prices leap after new attacks on Shell

20 February 2006
OIL prices surged today as investors took fright at the renewed terrorist attacks on Shell's operations in Nigeria. Brent crude jumped $1.51 a barrel to $61.40 after militants claimed to have launched fresh attacks on the company's oil platforms.
The unconfirmed incidents came after nine foreign oil workers were kidnapped at the weekend by the Movement for the Emancipation of the Niger Delta.
GNI-Man trader Kevin Blemkin said: 'There has definitely been an escalation in Nigeria.'
He added that the closure of US markets for Presidents' Day exacerbated the price volatility as fewer trades were made than normal. Shell has shut operations delivering 455,000 barrels a day due to the unrest.

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