Oil higher in Asian trade after Nigeria attack
Oil prices rose in Asian trade on Friday after the latest attack on an oil installation in Nigeria and on growing expectations that OPEC will cut production further, dealers said.
By Agencies |
SINGAPORE: Oil prices rose in Asian trade on Friday after the latest attack on an oil installation in Nigeria and on growing expectations that OPEC will cut production further, dealers said.
At 11:21 am New York's main contract, light sweet crude for January delivery, was up 39 cents to $62.88 a barrel from its close of $62.49 in US trade on Thursday.
Brent North Sea crude for January delivery rose 32 cents to $62.89.
"That is the major impact," Stephen Rowles, an analyst with CFC Seymour in Hong Kong, said of the fallout from the Nigerian attack.
The African nation is normally the world's fifth-biggest oil exporter and the largest producer in Africa, accounting for 2.6 million barrels of crude in daily export but recent unrest has cut output by a quarter.
In the latest incident, at least one person was killed and four foreigners -- three Italians and one Lebanese -- kidnapped during an attack yesterday by armed assailants against an oil installation belonging to Italy's Agip.
A spokesman for Eni, Agip's Italian parent company, said the attack occurred at the Brass oilfield in the restive Niger Delta region.
Since January, militants seeking a larger share of the oil wealth for the Niger Delta's 14 million Ijaw people have been blamed for a spate of violent attacks on multinational oil firms and their personnel.
At 11:21 am New York's main contract, light sweet crude for January delivery, was up 39 cents to $62.88 a barrel from its close of $62.49 in US trade on Thursday.
Brent North Sea crude for January delivery rose 32 cents to $62.89.
"That is the major impact," Stephen Rowles, an analyst with CFC Seymour in Hong Kong, said of the fallout from the Nigerian attack.
The African nation is normally the world's fifth-biggest oil exporter and the largest producer in Africa, accounting for 2.6 million barrels of crude in daily export but recent unrest has cut output by a quarter.
In the latest incident, at least one person was killed and four foreigners -- three Italians and one Lebanese -- kidnapped during an attack yesterday by armed assailants against an oil installation belonging to Italy's Agip.
ADVERTISEMENT
A spokesman for Eni, Agip's Italian parent company, said the attack occurred at the Brass oilfield in the restive Niger Delta region.
Since January, militants seeking a larger share of the oil wealth for the Niger Delta's 14 million Ijaw people have been blamed for a spate of violent attacks on multinational oil firms and their personnel.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
