"Nigeria threat pushes oil over US$50"

LONDON: Oil prices raced to new record highs above US $50 yesterday as rebel threats against Nigerian oil facilities threatened to inflict more strain on global supplies. US light crude touched a high of US$50.47 a barrel before easing to US$49.80, up 16 cents on the day. London’s Brent crude set a new peak at US$46.80 a barrel, and was trading at US$46.23, up 30 cents. Oil has grabbed the financial market spotlight this year, surging 55 percent as rising consumption and the fallout from years of under-investment in supply infrastructure, tempts heavy buying from big-money funds. Producers are pumping at just about full tilt to feed demand as China’s economic expansion powers the fastest growth in 24 years. Worries about supply security in Saudi Arabia, Iraq and Russia have magnified the price surge.

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