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Page added on May 18, 2009

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Oil jumps 4.8% on supply concerns

A pipeline bombing in Nigeria and a U.S. refinery fire send oil prices up as peak driving season approaches.

NEW YORK (CNNMoney.com) — Oil prices rose almost 5% Monday after a fire at a major American refinery and violence in Nigeria renewed supply concerns going into the summer driving season.

Light, sweet crude for June delivery rose $2.69, or 4.8%, to settle at $59.03 a barrel. Monday’s increase was the highest percentage jump since April 9, when prices rose 9%.

The Movement for the Emancipation of the Niger Delta said they had blown up two oil and gas pipelines in the region and would block waterways to disrupt exports, according to Reuters.

Nigeria is Africa’s biggest exporter of crude.

Meanwhile, an explosion ripped through a major oil refinery in the U.S., compounding supply worries.

CNN Money



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