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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Oil prices hit reverse as Wall Street slips AFP - Saturday, June 27 LONDON (AFP) - - Oil prices fell Friday, mirroring losses on Wall Street, as traders took profits after earlier jumping above 71 dollars per barrel on news of fresh unrest in key crude producer Nigeria. ADVERTISEMENT New York's main futures contract, light sweet crude for delivery in August, shed 94 cents to 69.29 dollars a barrel. In London, Brent North Sea crude for August dipped 86 cents to 68.92 dollars. Wall Street shares sank at the open on Friday, one day after a rally, as investors locked in profits and turned cautious ahead of the weekend. The Dow Jones Industrial Average shed 0.54 percent to 8,426.75 in opening trades, while the broad-market Standard & Poor's 500 shed 0.53 percent to 915.41. "We are not getting support from equities with the S&P 500 trading lower," said Tradition Energy analyst Gene McGillian, cited by Dow Jones Newswires. "The (oil) market wants to see if it can sustain the rally," he added. Crude futures had bounced higher in earlier trade after Nigeria's main rebel group said it had launched a fresh attack against an oil installation in the south of the country. Traders said oil had also won support from a weaker dollar which tends to push up demand for the commodity. "While the markets are adding a geopolitical risk premium for OPEC member Nigeria's supply concerns, it is less than what would have been in other market conditions amid the current large level of commercial stocks and spare capacity at the moment," said Nimit Khamar, energy analyst at Sucden brokers in London. "However, market participants remain on edge as it appears unlikely that OPEC would increase production in order to compensate for Nigeria's loss of supply." Nigerian rebels attacked another oil installation in the country's main producing region despite President Umaru Yar'Adua's offer of an amnesty. Militants from the Movement for the Emancipation of the Niger Delta (MEND) said in a statement that late on Thursday they launched the attack after an army raid on a village that came despite the amnesty offer. A spokesman for the Anglo-Dutch oil giant Shell told AFP that the facility was operated by local company Sahara Oil but was close to a Shell installation. MEND on Thursday carried out a pre-dawn attack against Royal Dutch Shell facilities in a warning to Russia not to invest in the country's oil and gas industry made during a visit to Nigeria by Russian President Dimitry Medvedev. Yar'Adua on Thursday offered Niger Delta militants the amnesty to try to halt attacks on the oil industry that have cut the country's production by a quarter over the past three years. MEND, which regularly attacks energy facilities, demands a fairer share of oil wealth for locals in the Delta region. Its activities have badly hit Nigeria's oil output, cutting daily production from around 2.6 million barrels in 2006 to some 1.8 million barrels now. Dealers said oil had also found support from a weaker dollar, which makes dollar-priced oil cheaper to holders of stronger currencies, encouraging demand and leading to higher prices. Crude fell mid-week as the dollar strengthened -- making oil more expensive for foreign buyers --- and after the United States reported mixed energy inventory data which traders said was supportive overall. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Enlarge Photo An oil rig out to sea south of Lagos. Oil prices fell Friday, mirroring losses on Wall Street, as traders took profits after earlier jumping above 71 dollars per barrel on news of fresh unrest in key crude producer Nigeria. Most Popular – Top Stories Viewed Pop icon Michael Jackson dead: TMZ.com website Botox helps Australian stroke victim to walk again Farrah Fawcett dead at 62: Ryan O'Neal Sarah Jessica Parker welcomes surrogate twins Egyptian tycoon to hang for Lebanese diva murder View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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