What's Moving the Oil Markets?

•Global crude futures continued last week's uptrend Monday morning as concern over militant attacks on oil infrastructure in Nigeria added further support, traders said. Prices have "drifted upwards on thin volumes as the market anticipates further kidnappings and problems affecting supply in Nigeria," a trader said.

•n the latest set of events in Nigeria, unidentified gunmen on Monday snatched a Nigerian working for Italian oil giant Agip in southern Nigeria's Rivers State where kidnappings have occurred regularly--more than 30 foreign workers have been kidnapped there this month alone.

•Traders also noted that there is a general concern over prospects of a disruptive US hurricane season, as well as the underlying geopolitical tensions with Iran still remaining. Last Wednesday, Andrea, an early-season subtropical storm, formed off the Southeast US coast, the National Hurricane Center reported. On Monday morning, Iranian President Mahmoud Ahmadinejad warned that Iran would retaliate with severity to any possible attack by the United States over Tehran's controversial nuclear program

Updated: May 14, 2007