Oil rises near $117 on supply fears

Courtesy Topix - Business News  Mon, 05/05/2008 - 11:20

"Theoretically, this would decrease the amount of money invested in oil as a hedge for the falling dollar."

Oil prices rose Monday, supported by weekend news of an attack on a Nigerian oil installation, but with gains limited by a stronger U.S. dollar.

Royal Dutch Shell PLC spokesman Precious Okolobo said Saturday that attackers hit a flow station belonging to Shell's joint venture in southern Nigeria and that some oil production had been shut down.

He gave...

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