8 May 2007 - 13:20
  • News Code: 104121

LONDON - Oil edged up as news that Nigerian militants have renewed attacks on oil installations helped reverse a six day losing streak that took prices to six week lows yesterday.

"Today the focus should turn to crude oil (supply) with the main input being the renewed attacks by Nigerian militants on oil installations," said Petromatrix analyst Olivier Jakob.


He added that with the sharp losing streak seen over the last six days, he would "expect to see more short covering starting to materialise when/if the attacks are confirmed by the operators".


Nigeria"s main militant group, the Movement for the Emancipation in the Niger Delta said earlier that it had bombed three major oil pipelines in southern Nigeria.


Their claim was not immediately verifiable by the Nigerian authorities.


Nigeria is Africa"s largest oil producer and a key supplier of crude oil to the United States.


At 9.31 am, London Brent crude for June delivery was up 60 cents at 65.05 usd. Meanwhile, New York crude for June delivery was up 25 cents at 61.72 usd a barrel.



News Code 104121

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