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Oil prices spike amid Nigerian supply jitters

Sunday, 3 June 2007


NEW YORK, June 2 (AFP): World oil prices spiked yesterday as concerns mounted about Nigeria's supply situation amid reports that fresh unrest had forced one western oil company to suspended some of its crude exports.
New York's main oil futures contract, light sweet crude for delivery in July, closed up a strong 1.07 dollars at 65.08 dollars per barrel.
In London, Brent North Sea crude for July delivery settled up 1.03 dollars at 69.07 dollars per barrel, reversing course from an earlier downturn.
"The market continues to draw support from geopolitical concern and especially from civil unrest in Nigeria," said Sucden analyst Michael Davies.
"This morning there was news of further violence in Nigeria, where currently just over 900,000 barrels per day of the countries oil output has been shut in as a result of militant attacks on oil facilities," he said.
Anglo-Dutch oil giant Royal Dutch Shell said Friday that it had suspended the export of 150,000 barrels per day of crude oil because of community unrest in southern Nigeria.