Oil prices resume rise
LONDON—World oil prices resumed their rise Friday after the dollar eased and militants blew up another pipeline in African producer Nigeria. At around 1100 GMT, US benchmark West Texas Intermediate for delivery in June was up 17 cents at $48.33 a barrel. Brent North Sea crude for July gained eight cents to $48.89 a barrel compared with Thursday’s close.
Analysts said prices resumed their uptick after the dollar eased and threats of supply disruptions returned to the fore following the bombing of a gas pipeline owned by the Nigerian subsidiary of Italy’s Eni in the latest attack on the country’s oil facilities. Earlier, a new militant group called the Niger Delta Avengers (NDA) carried out several attacks on key pipelines and facilities operated by oil majors Shell and Chevron, hurting output in Africa’s biggest economy and major crude producer. Officials said Nigeria’s output had slumped to 1.4 million barrels per day from 2.2 million because of the unrest.—AFP