Futures pass $50 as Nigerian fighting, storms lower supplies

Tuesday, Sept. 28, 2004 | 9:08 a.m.

Crude oil in New York passed a record $50 a barrel today after Nigerian rebels threatened oil output and Hurricane Ivan slashed production in the U.S. Gulf of Mexico.

Royal Dutch/Shell Group's Nigerian venture closed a pumping station and evacuated staff at oil installations in the Niger River delta. The disruption comes as U.S. supplies are near 29- year lows after eight weeks of declines. Output at platforms in the Gulf was down 29 percent, or 491,698 barrels yesterday, two weeks after the hurricane, according to government figures.

Crude oil for November delivery was up 21 cents, or 0.4 percent, at $49.82 a barrel on the New York Mercantile Exchange at 10:37 a.m. Oil futures were up 77 percent from a year earlier.

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