"We have been on the trail of Elliot for some time now. You know when these guys make cash from from kidnapping game they flock to drinking joints to show off their wealth. He was picked up in one of the drinking joints in Yenagoa following a tip-off."
Nigerian police has arrested Elliot Lawrenc, the leader of a rebel group behind the series of kidnapping of foreign workers in the creeks of the oil producing Niger Delta region, security sources said Wednesday.
"It's not that Brent and the US Gulf Coast are weak--it's more that WTI is basically broken right now."
The spread between front month NYMEX WTI crude and ICE Brent crude widened to over $6/barrel Wednesday, to a record discount of the US crude benchmark WTI to its European counterpart Brent. A trader reported a sense of lost confidence in WTI, as May ICE Brent futures traded at a record $6.16/b over the May NYMEX WTI contract.
Updated: April 11, 2007
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