Pipeline Outage Adds to Nigerian Oil Disruptions
The oil bulls will use these minor issues to run up the price again. Unfortunately these production problems do not drive supply to below demand, at least not over the long run.
US oil supplies are drawing down the current near record levels of oil in the US. This is due to the fact that the oil bulls have run up the price artificially. The supply will continue to rise once the price returns to reasonable levels. No one today in the oil industry is willing to pay the prices oil is at today based on the fundamentals.
The bulls will get burned in this, but it might take a while.