Crude oil traded above $75 a barrel as a Nigerian newspaper reported that a German oil worker was kidnapped by suspected militants, raising concern about further supply disruptions from Africa's largest oil producer.
Nigeria is losing about 800,000 barrels a day of oil production because of violence and leaks in the Niger Delta. The loss has reduced pumping by companies including Royal Dutch Shell Plc and Chevron Corp. Russian news service Itar-Tass also reported today that three Filipino oilmen contracted by Shell were kidnapped by Nigerian fighters.
Crude oil for September delivery fell 5 cents to $75.41 a barrel on the New York Mercantile Exchange at 10:17 a.m. in London. Brent crude oil for September settlement rose 18 cents to $76.74 a barrel on the ICE Futures exchange in London.
Camouflaged gunmen stopped the car of a contractor for Bilfinger Berger AG as he traveled to work at Eastern Bye in Port Harcourt, a local police spokesman said, according to The Guardian, a Nigerian daily newspaper. Bilfinger Berger, a Mannheim, Germany-based construction company, confirmed a worker is missing.
``There is still a possibility of crude reaching $100 a barrel due to geopolitical problems worldwide and peaking of winter demand,'' Iran's Deputy Oil Minister Hadi Nejad- Hosseinian said. He repeated vows that Iran won't disrupt oil supplies because of a dispute over its nuclear program.
Oil reached a record $78.40 on July 14 on concern that fighting between Iranian-backed Hezbollah militants and the Israeli army may spread in Syria or Iran, the world's fourth- largest crude oil producer.
Next Week
Crude oil may rise next week on the same concern because there is fear a wider conflict will threaten supplies from the Middle East, which pumps almost a third of the world's oil. Sixteen of 40 analysts and traders surveyed by Bloomberg News, or 40 percent, said prices will rise next week.
``Geopolitical and hurricane risks that helped this week's increase in oil prices will continue to be market factors next week,'' said Hiroyuki Kikukawa, deputy general manager of research at brokerage Nihon Unicom Corp. in Tokyo. ``The supporting level is firm.''
Hezbollah launched 500 rockets into Israeli territory in the past two days. Israel bombed Beirut today.
Israeli Defense Minister Amir Peretz told soldiers late yesterday to prepare to advance across southern Lebanon as far as 30 kilometers (19 miles) north of the Israeli border.
As of 7 a.m. local time, the army was still waiting for approval from political leaders to begin moving soldiers, a military spokeswoman, who spoke on condition of anonymity, said by telephone. Aircraft struck south Beirut and other parts of Lebanon, and fighting continued at border towns, she said.
Possible Cease-Fire
The conflict may be halted by a cease-fire next week, said Saad Hariri, the Lebanese parliamentary majority leader, according to an Agence France-Presse report from Moscow.
Crude fell earlier as Tropical Storm Chris dissipated, easing concern that U.S. pipelines and platforms in the Gulf of Mexico might be damaged during peak summer motoring demand. Chris was 45 miles (70 kilometers) south-southeast of Grand Turk Island at 5 a.m. Miami time, the U.S. National Hurricane Center said.
Chris is ``barely holding on to tropical storm strength,'' the center said.
The Atlantic hurricane season runs from June through November. About two-thirds occur during August and September, according to records going back to 1851.
Nigeria is losing about 800,000 barrels a day of oil production because of violence and leaks in the Niger Delta. The loss has reduced pumping by companies including Royal Dutch Shell Plc and Chevron Corp. Russian news service Itar-Tass also reported today that three Filipino oilmen contracted by Shell were kidnapped by Nigerian fighters.
Crude oil for September delivery fell 5 cents to $75.41 a barrel on the New York Mercantile Exchange at 10:17 a.m. in London. Brent crude oil for September settlement rose 18 cents to $76.74 a barrel on the ICE Futures exchange in London.
Camouflaged gunmen stopped the car of a contractor for Bilfinger Berger AG as he traveled to work at Eastern Bye in Port Harcourt, a local police spokesman said, according to The Guardian, a Nigerian daily newspaper. Bilfinger Berger, a Mannheim, Germany-based construction company, confirmed a worker is missing.
``There is still a possibility of crude reaching $100 a barrel due to geopolitical problems worldwide and peaking of winter demand,'' Iran's Deputy Oil Minister Hadi Nejad- Hosseinian said. He repeated vows that Iran won't disrupt oil supplies because of a dispute over its nuclear program.
Oil reached a record $78.40 on July 14 on concern that fighting between Iranian-backed Hezbollah militants and the Israeli army may spread in Syria or Iran, the world's fourth- largest crude oil producer.
Next Week
Crude oil may rise next week on the same concern because there is fear a wider conflict will threaten supplies from the Middle East, which pumps almost a third of the world's oil. Sixteen of 40 analysts and traders surveyed by Bloomberg News, or 40 percent, said prices will rise next week.
``Geopolitical and hurricane risks that helped this week's increase in oil prices will continue to be market factors next week,'' said Hiroyuki Kikukawa, deputy general manager of research at brokerage Nihon Unicom Corp. in Tokyo. ``The supporting level is firm.''
Hezbollah launched 500 rockets into Israeli territory in the past two days. Israel bombed Beirut today.
Israeli Defense Minister Amir Peretz told soldiers late yesterday to prepare to advance across southern Lebanon as far as 30 kilometers (19 miles) north of the Israeli border.
As of 7 a.m. local time, the army was still waiting for approval from political leaders to begin moving soldiers, a military spokeswoman, who spoke on condition of anonymity, said by telephone. Aircraft struck south Beirut and other parts of Lebanon, and fighting continued at border towns, she said.
Possible Cease-Fire
The conflict may be halted by a cease-fire next week, said Saad Hariri, the Lebanese parliamentary majority leader, according to an Agence France-Presse report from Moscow.
Crude fell earlier as Tropical Storm Chris dissipated, easing concern that U.S. pipelines and platforms in the Gulf of Mexico might be damaged during peak summer motoring demand. Chris was 45 miles (70 kilometers) south-southeast of Grand Turk Island at 5 a.m. Miami time, the U.S. National Hurricane Center said.
Chris is ``barely holding on to tropical storm strength,'' the center said.
The Atlantic hurricane season runs from June through November. About two-thirds occur during August and September, according to records going back to 1851.
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