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The Wall Street Journal: Oil News Roundup: November 6, 2006 4:43 p.m.

Crude-oil futures rose again Monday on the New York Mercantile Exchange, settling above $60 a barrel, boosted by attacks on Nigerian oil output.

Here’s Monday’s roundup of oil and energy news:

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CHINA IN LINE FOR MORE OIL: China will be first in line for more crude-oil imports from Nigeria if output from Africa’s biggest producer swells to four million barrels a day within two years, said Nigerian oil minister Edmund Daukoru. Nigeria has been turning down buyers since February, when attacks by militants on oil installations in the Niger Delta started costing at least 500,000 barrels a day in production at any given time. The violence continued today, as armed protesters overran and shut down an oil facility operated by an Italian oil firm.

•Bush: Oil a Reason to Stay in Iraq: President Bush has lately been citing oil as a reason for the U.S. to stay in Iraq, the Washington Post reports, in contrast with his earlier vows that the invasion of Iraq was not about securing the country’s oil.

•Midterm Elections and Big Oil: The oil and gas industry is preparing to tighten the belt for the next couple of years with Democrats threatening to take control of the U.S. House of Representatives this week, Dow Jones Newswires reports.

•U.S. Defends Warming Stance: The chief U.S. climate negotiator defended Washington’s stand against compulsory caps on global-warming emissions and said the Bush administration was unlikely to change its policy.

•OPEC Chief Hints at Another Cut: OPEC may need to cut oil production further this year to deal with an oversupply in the market, the cartel’s president said.

•Statoil to Buy Anadarko Stakes: Norwegian oil major Statoil strengthened its Gulf of Mexico presence with the purchase of several deepwater stakes from Anadarko Petroleum.

•Uranium Boom: Oil gets all the ink, but uranium is the energy investment of choice for many hedge funds, Bloomberg reports, quoting one money manager who describes an “historic” shortage of the stuff.

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