Sun, Aug 06, 2006 - Page 10 News List

Oil prices ease as threat from hurricane recedes

RESPITE Crude oil prices dipped under US$75 as a Caribbean storm veered away from oil facilities, but unrest in the Middle East and Nigeria kept them high


In southern Nigeria on Friday, three Filipinos working for the US construction firm Baker Hughes Inc were kidnapped, a day after a German was abducted in a region where the handling of oil revenue has caused strife between multinationals and local communities.

Also keeping a high floor under prices is fighting between Israel and Hezbollah in southern Lebanon, as well as Iran's commitment to continue its nuclear enrichment program.

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