Crude oil futures rose Tuesay following another supply disruption in Nigeria where villagers have occupied an oil pipeline hub, forcing Royal Dutch Shell to cut 170,000 barrels a day in production.
The social unrest in Nigeria has led to a shut-down of about one-fifth of the west-African country’s oil production, or about 600,000 b/d. ICE Brent for June delivery added $1 to $67.85 a barrel in late afternoon trade in London. The June contract expires at the close of trade Wednesday. The July Brent contract added 69 cents to $67.97 a barrel.
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June West Texas Intermediate gained 61 cents to $63.07 a barrel in early afternoon trade on the New York Mercantile Exchange.
The Organisation of the Petroleum Exporting Countries gave a contrasting view to the International Energy Agency, the developed world’s energy watchdog, when it said in its monthly report that crude oil inventories were more than enough to cover fuel demand during the peak summer travel season.
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