Oil Keeps Rising on Supply Fears
Oil prices have continued to rise on Friday, pushed higher by fears that production facilities may be attacked in Nigeria and Saudi Arabia.
Nigerian production has been disrupted by militants, while Saudi Arabia said it halted a plan to bomb a local plant.
There also are concerns that a European and US row with Iran over its nuclear programme may crimp oil exports.
US light crude was trading 24 cents higher in New York at $63.60 a barrel, after jumping $1.39 on Thursday.
In London, Brent crude prices were marked 28 cents higher to $64.35 a barrel.
Ongoing violence
Although anti-government militants in Nigeria's Niger Delta region have released six of the nine foreign oil workers they recently kidnapped, they have pledged to deal "one huge crippling blow to the Nigerian oil industry".
"We will commence with attacks in another area of the Niger Delta with an aim to ensuring the total discontinuation of export of onshore crude oil," the militants said in a statement.
Analysts such as Kevin Norrish of Barclay Capital said the violence in Nigeria had "the potential to get a lot worse".
"It's going to run and run," he said.
In addition to the continuing row over Iran, there is also the threat of attacks on oil facilities in the world's largest producer, Saudi Arabia.
Saudi security forces on Monday killed five suspected militants believed to be planning to attack an oil facility.
Iran has been threatened with sanctions over its decision to restart its controversial nuclear programme and Tehran has warned it would retaliate by cutting crude exports.
The Opec group of oil exporters meets next week to consider changing its current export levels.
BBC
Nigerian production has been disrupted by militants, while Saudi Arabia said it halted a plan to bomb a local plant.
There also are concerns that a European and US row with Iran over its nuclear programme may crimp oil exports.
US light crude was trading 24 cents higher in New York at $63.60 a barrel, after jumping $1.39 on Thursday.
In London, Brent crude prices were marked 28 cents higher to $64.35 a barrel.
Ongoing violence
Although anti-government militants in Nigeria's Niger Delta region have released six of the nine foreign oil workers they recently kidnapped, they have pledged to deal "one huge crippling blow to the Nigerian oil industry".
"We will commence with attacks in another area of the Niger Delta with an aim to ensuring the total discontinuation of export of onshore crude oil," the militants said in a statement.
Analysts such as Kevin Norrish of Barclay Capital said the violence in Nigeria had "the potential to get a lot worse".
"It's going to run and run," he said.
In addition to the continuing row over Iran, there is also the threat of attacks on oil facilities in the world's largest producer, Saudi Arabia.
Saudi security forces on Monday killed five suspected militants believed to be planning to attack an oil facility.
Iran has been threatened with sanctions over its decision to restart its controversial nuclear programme and Tehran has warned it would retaliate by cutting crude exports.
The Opec group of oil exporters meets next week to consider changing its current export levels.
BBC
posted by Ottawa Gas Prices | 10:39 AM
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