Nigerian Bomb Angle Rocks Energy Market; Crude Oil Up

Oil and energy market saw an upheaval on account of the alleged Nigerian angle to the US Bomb scare. Crude oil crossed the $79 mark.

While talking to CNBC, John Kilduff, of Round Earth Capital, said that the price rise is mainly due to the concerns about the crude oil supply. However, he categorically denied any actual shortfall on the supply side.

Nigeria is a key supplier of crude oil. Today, the market saw an increase in natural gas and commodity stock prices. However, later in the day, energy stocks slipped from their earlier highs. The NYSE Arca Oil Index (XOI) was unchanged at 1,077 points, giving up an opening 0.5% gain. Exxon Mobil (NYSE: XOM) and Cheveron (NYSE: CVX) were up 0.43% and 0.17% respectively.