Oil prices re­sume rise

Pakistan Observer - - ECONOMY WATCH -

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

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