The National – The Nigerian unrest is not expected to escalate into full-blown armed conflict, as in Ivory Coast, but is still of greater and more immediate concern to oil markets. Nigeria is not only the biggest African oil exporter, but is also the closest source to Europe of crude resembling the high-quality Libyan oil supplies recently disrupted by civil war there.
“More upside looks likely, as Nigeria will be front and centre with elections scheduled for the weekend,” John Kilduff, a partner at the New York hedge fund Again Capital, told Bloomberg News last week.
