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Oil rises more than $1 on Nigeria, Iran supply concerns

Reuters: Oil rises more than $1 on Nigeria, Iran supply concerns

Mon May 5, 2008 9:43am BST

PERTH, May 5 (Reuters) – Oil rose more than $1 to above $117 a barrel on Monday, extending the previous session’s 3 percent gain, supported by further supply disruptions in Nigeria and tensions between Iran and the West.

U.S. light crude oil for June delivery CLc1 rose as much as $1.01 to $117.33 a barrel in European trade. It was up 86 cents at 0842 GMT.

London Brent crude LCOc1 gained 92 cents to $115.48.

(Reporting by Fayen Wong, editing by James Regan)

http://uk.reuters.com/article/oilRpt/idUKSP17629620080505

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