Oil prices rise on Nigeria attack
Oil prices rose on Monday as rebels had sabotaged two pipelines in Nigeria, which is a major exporter of crude.
By Agencies |
LONDON: Oil prices rose on Monday as rebels said they had sabotaged two pipelines in Nigeria, which is a major exporter of crude.
Brent North Sea crude for September climbed 89 cents to 125.41 dollars a barrel.
New York's main contract, light sweet crude for September delivery, advanced by 92 cents to 124.18 dollars a barrel.
The Movement for the Emancipation of the Niger Delta (MEND) claimed on Monday that it had sabotaged two Shell pipelines in Rivers state in southern Nigeria overnight.
In an email, it said "heavily armed" MEND fighters had attacked the pipelines at Kula and Rumuekpe operated by Shell Petroleum Development at 1:15 am (0015 GMT).
Contacted by AFP, two Shell spokesmen said the claim - and the extent of any damages - were being verified.
Word of the sabotage came after the release on Saturday of eight foreign workers who had been kidnapped near a major oil export terminal in southern Nigeria with no ransom being paid.
The oil-rich Niger Delta has seen numerous kidnappings targeting foreign energy firms, claimed by militants demanding a greater share of oil wealth for the region's inhabitants.
Violence in the southern region has reduced Nigeria's total oil production by a quarter since January 2006.
Nigeria was Africa's biggest oil producer until it was overtaken in April by Angola, according to Organization of Petroleum Exporting Countries (OPEC) figures.
Brent North Sea crude for September climbed 89 cents to 125.41 dollars a barrel.
New York's main contract, light sweet crude for September delivery, advanced by 92 cents to 124.18 dollars a barrel.
The Movement for the Emancipation of the Niger Delta (MEND) claimed on Monday that it had sabotaged two Shell pipelines in Rivers state in southern Nigeria overnight.
In an email, it said "heavily armed" MEND fighters had attacked the pipelines at Kula and Rumuekpe operated by Shell Petroleum Development at 1:15 am (0015 GMT).
Contacted by AFP, two Shell spokesmen said the claim - and the extent of any damages - were being verified.
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Word of the sabotage came after the release on Saturday of eight foreign workers who had been kidnapped near a major oil export terminal in southern Nigeria with no ransom being paid.
The oil-rich Niger Delta has seen numerous kidnappings targeting foreign energy firms, claimed by militants demanding a greater share of oil wealth for the region's inhabitants.
Violence in the southern region has reduced Nigeria's total oil production by a quarter since January 2006.
Nigeria was Africa's biggest oil producer until it was overtaken in April by Angola, according to Organization of Petroleum Exporting Countries (OPEC) figures.
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