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News Sport Weather World Service Languages Low Graphics version | Change edition About BBC News | Feedback | Help News Front Page Africa Americas Asia-Pacific Europe Middle East South Asia UK Business Market Data E-Commerce Economy Health Science/Nature Technology Entertainment ----------------- Have Your Say In Pictures Week at a Glance Country Profiles In Depth Programmes Last Updated: Monday, 4 October, 2004, 10:44 GMT 11:44 UK E-mail this to a friend Printable version Oil price drops but fears remain There have been fierce battles near Port Harcourt in the south of Nigeria The price of US crude oil has eased in early trade, after breaching the $50-a-barrel mark on Friday. Light sweet crude for November delivery fell 42 cents from Friday's $50.12 to $49.70 a barrel in pre-opening trade on New York's Mercantile Exchange. But the market stayed uneasy even though rebels in Nigeria's oil-producing area have agreed to a truce. They have threatened to hit the Niger Delta again if peace talks fail and a new government offensive begins. Nigerian crude flows of about 2.3 million barrels per day (bpd) are threatened at a time when world producers are pumping at almost full capacity. 'Hotspot' In London on Monday the price of Brent North Sea crude oil for delivery in November slid 40 cents to $46.22 in electronic deals. Last week crude prices were driven up to a record $50.47 in after-hours trade in New York. Since the turn of the year, crude prices have risen more than $17, or 54%. Shell removed 300 workers when trouble flared Meanwhile, tension surrounds the uneasy peace in the Niger Delta, despite Nigerian military officials saying they had temporarily halted their operations. "The Nigeria situation seems to be resolved but it will remain a hotspot," said Tony Nunan at Mitsubishi Corporation in Tokyo. "As we head into winter with low stocks and little spare production capacity, there's potential for a severe supply problem." He added: "Any kind of incident on the supply side will take crude to $52." Royal Dutch/Shell, Nigeria's top oil producer, evacuated 300 workers last month to escape clashes between rebels and troops. The company is closely watching the ongoing security situation before returning some staff to the delta. "There is relative calm, but we need to see how sustainable it is before resuming those operations," said a Shell spokesman. 'No immediate inflation' Meanwhile, International Monetary Fund chief economist Raghuram Rajan said that after a year of solid world growth, admitted there were "problems like the high oil price". He told Spanish financial daily Cinco Dias that the impact of record high oil prices on inflation would not filter through immediately. "First we should see a rise in prices. There has been some of that, but not too much," he said. "Then there would be a rise in wages, but at the moment that is not happening in Europe nor the US nor Japan. I think the transfer to prices will take some time." E-mail this to a friend Printable version LINKS TO MORE BUSINESS STORIES SelectAfrica fails in IMF vote demandMan United confirm bid approachS Korea to scrutinise CitigroupPermira buys Ahold Spanish storesOil prices boosting BP's fortunesLatest mobiles 'open to attack'China holds firm over yuan reformMandelson faces EU job grillingHalliburton may sell troubled KBR  OIL PRICE SURGE NEWS Oil price drops slightly from $50 Emergency oil loans 'too small' World oil demand estimate raised ANALYSIS Why are oil prices so high? Q&A: How $50-a-barrel oil hurts Where are oil prices going? The Hummer vs Hybrid debate Oil and US politics Oil and conflict - a natural mix BACKGROUND Where the world's oil lies The cost of motoring Opec in profile Oil markets explained What it was like in 1974 LATEST OIL PRICES Brent crude oil West Texas Intermediate crude HAVE YOUR SAY Are you worried about oil prices? ASK AN OIL EXPERT How high will prices go? RELATED INTERNET LINKS: Nymex IMF US Minerals Management Service The BBC is not responsible for the content of external internet sites TOP BUSINESS STORIES NOW Africa fails in IMF vote demand Man Utd confirms bid approach S Korea to scrutinise Citigroup Permira buys Ahold Spanish stores News alerts | E-mail services | Desktop ticker | Mobiles/PDAs Back to top ^^ News Front Page | Africa | Americas | Asia-Pacific | Europe | Middle East | South Asia UK | Business | Entertainment | Science/Nature | Technology | Health Have Your Say | In Pictures | Week at a Glance | Country Profiles | In Depth | Programmes BBC Homepage >> | BBC Sport >> | BBC Weather >> | BBC World Service >> About BBC News | Help | Feedback | News sources | Privacy & Cookies Policy | About the BBC

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