Oil prices edge up as Brent pushes fur­ther above $50

Pakistan Observer - - ECONOMY WATCH -

SIN­GA­PORE—Crude prices edged up in Asia on Mon­day, build­ing on re­cent gains with Brent hold­ing above $50 af­ter Nige­rian mil­i­tants claimed fresh at­tacks on the coun­try’s oil in­fra­struc­ture. Prices see­sawed last week, plung­ing in the im­me­di­ate af­ter­math of Bri­tain’s shock de­ci­sion to leave the Euro­pean Union but ral­ly­ing af­ter cen­tral banks world­wide vowed sup­port to fi­nan­cial mar­kets.

At about 0630 GMT, US bench­mark West Texas In­ter­me­di­ate was up 33 cents at $49.32, while Brent rose 35 cents to $50.70. An­a­lysts said trad­ing would likely be light Mon­day ow­ing to the In­de­pen­dence Day hol­i­day in the United States. The com­mod­ity ral­lied at the end of last week as news fil­tered through of an at­tack on a restau­rant in Dhaka, which com­pounded wor­ries about ter­ror­ism days af­ter sui­cide bombers hit Is­tan­bul air­port.

On Sun­day a Nige­rian rebel group claimed five at­tacks on the coun­try’s oil and gas in­fra­struc­ture, threat­en­ing to scup­per ef­forts to boost pro­duc­tion. The Niger Delta Avengers have been bomb­ing pipelines in a bid to win the delta re­gion a big­ger share of crude rev­enue and po­lit­i­cal au­ton­omy.—APP

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