20 February 2006, 16:39  Oil leapt $1.50 on Monday after Nigerian rebels bombed pipeline

Oil leapt $1.50 on Monday after Nigerian rebels bombed pipelines and a major tanker terminal over the weekend, knocking out 19 percent of supplies from the world's eighth biggest crude exporter. The jump in prices will make it difficult for OPEC to cut output when it next meets in March, despite evidence that world demand growth is slowing because of persistently high prices. The militants, who say they want more control over the Niger Delta's vast oil wealth, also abducted nine foreign workers in the raids and have threatened to blow up oil tankers. OPEC member Nigeria's biggest foreign operator Royal Dutch Shell has closed 340,000 barrels a day of output feeding its Forcados tanker platform and shut another 115,000 barrels daily by closing the offshore EA field as a precaution. With U.S. markets closed for a holiday, the focus was on London where Brent crude futures climbed $1.47 a barrel to $61.36. Traders of west African crude, which mostly sells to the United States and Asia, were trying to assess the impact but forecast the cost of Nigerian oil would rise. "There is a realisation that no one can be complacent about supplies," said independent oil consultant Geoff Pyne.

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