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22 July 2008

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Duncan Kinder

Two workers for an oil services firm in Nigeria were kidnapped Friday:

PORT HARCOURT, Nigeria, July 25 (Reuters) - More than a dozen gunmen in speedboats kidnapped two oil engineers, one from the Philippines and one Nigerian, in the main oil industry city of Port Harcourt on Friday, security sources said.

The men were working for Damas Oil and Marine Services, an offshore oil services firm, a private security contractor in the oil industry said. He said no ransom had yet been demanded and that the kidnappers were not known to the security forces.

Duncan Kinder

As previously suggested, oil prices are not solely subject to supply and demand, but also are sensitive to disruption in Nigeria:

Oil prices rose on Monday after rebels said they had sabotaged two pipelines in Nigeria, a major exporter of crude, and analysts said that the market was also tracking developments over Iran.

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