Oil prices rise as traders watch for OPEC signals

October 10, 2006 15:18

Oil prices dipped below US $60 Tuesday, with traders apparently betting that any OPEC production cuts would not put a large dent in supplies. Traders also seemed to shrug off new unrest in oil-rich Nigeria. Attackers overran a Nigerian navy base early Tuesday, taking several troops hostage and occupying a nearby oil facility belonging to a subsidiary of Royal Dutch Shell PLC.

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