What's Moving the Oil Markets?

•Crude futures were stronger Monday, as further unrest in Nigeria as well as a resurfacing of tension over Iran's the nuclear enrichment program added support to the energy complex, brokers said. At 1005 GMT July ICE Brent was pegged at $69.93/b, up 53 cents. June NYMEX WTI as well as ICE WTI, traded higher at $65.20/b up 26 cents.

•"With further hostage taking over the weekend and the MEND claiming to attack more pipelines soon, the Nigerian premium will remain at least until the end of the month," Petromatrix said in a report. Over the weekend, gunmen kidnapped three Indians in the southern oil city of Port Harcourt, killing one civilian and injuring another.

•Prices also moved upwards as the nuclear standoff between the West and Iran was once again discussed ahead of rare talks this month between the US and Iran. Iran said on Sunday its nuclear standoff with the West will be strictly off the agenda when Iranian officials meet with US diplomats in Baghdad over Iraq.

Updated: May 21, 2007