Daily Reckoning Also Sees Euro Effect in War Talk

Daily investment newsletter from London sees Euro's rise as factor in Iraqi crisis.

Published: 17-Feb-2003

Sean Corrigan, reporting from London...

- On Friday in New York, the price of US crude oil reached its highest level for nearly two and a half years, up 44 cents at $36.80 a barrel. And so, as the oil price soars, we find ourselves forking out ever more at the pump over Asian stockbuilding, the colder-than-normal European winter, heightened US military use, and the after-effects of the second attempt to oust President Chavez in oil-rich Venezuela.

- As if that wasn't enough, Nigeria - the world's seventh largest oil exporter - has decided to get in on the act. On Saturday, Nigeria's main oil workers' union, Pengassan, announced an indefinite strike and staged a walk-out that could cripple crude oil exports. "We shall, by this strike, force a dialogue from government on the demands of our members," the union's deputy general secretary Bayo Olowoshile told the BBC. He added: "It is going to be an indefinite strike, but we appeal to Nigerian international partners to bear with us."

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