Friday, October 06, 2006

Oil Prices Rise on the Fighting in Nigeria

Oil prices returned to normal after a seven-month low because the violence in Nigeria has stocked supply concerns. Crude prospects fell after comments from Saudi Arabia’s ambassador aimed to relax the market. The government of the U.S. then showed rising inventories of gasoline and heating oil. After this, buyers came back to the market in the midst of reports that armed men had attacked a convoy in Nigeria’s southeastern delta. These recent attacks have oil facility’s concerns elevated.
Although, the oil rising is effecting Nigeria, it also effects the international world economically. Economic interdependence promotes peace as countries become more and more familiar with one another and need each other for their mutual success. In order for Nigeria to speed up their economic growth, they need to establish interdependence with other countries to their economy. Making ties with other countries will make them able to trade their oil supplies and make a profit. It will also help other countries by giving them more supply of oil and gasoline.

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