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Terror Threats Boost Oil

Updated from 12:16 p.m. EST

Crude oil futures soared above $59 Friday after a bomb threat was called in to one of BP's (BP - Get Report) refineries and the U.S. said Nigerian militants may attack up to 20 oil installations in Africa's largest crude producer this month.

The threat was called in to a BP refinery in Whiting, Indiana, early this morning. The facility, which can process up to 400,000 barrels of crude per day, was operating as normal.

Meanwhile, rebels may launch attacks against oil facilities in the Niger River Delta, the country's largest source of crude, during the first week of this month, the U.S. consulate in Lagos, Nigeria, said, according to Dow Jones. The attacks would be against "land-based targets" and oil facilities.

The rebels gave oil companies 72 hours to leave or risk an attack in an operation they've called "Black November." Still, the threat could be a bluff, since past ones have come to nothing.

This year, Nigerian rebels have driven down the country's oil production by about 500,000 barrels a day through attacks on pipelines and platforms. Nigeria pumps around 2.2 million barrels per day, and Royal Dutch Shell (RDS.A) has been the target of many of the attacks.

Kidnappings of oil workers have been rife, with one American and a British employee being taken hostage this week. Militants are attempting to pressure the government ahead of elections and to gain a share of the country's petrodollars.
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APC $50.10 -3.56%
BP $32.56 -3.15%
HES $56.75 -3.78%
SUN $34.90 -1.50%
TSO $78.65 -2.94%


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