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Home >> Business
UPDATED: 08:23, February 22, 2006
Oil prices rise above 61 dollars on concern of Nigeria attacks
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World crude oil prices rose by more than 1 dollar Tuesday while one-fifth of Nigeria oil production was halted by rebel attacks.

New York's main contract, light sweet crude for delivery in March, surged 1.22 dollars to 61.10 dollars per barrel in pit trading. This contract plummeted last Wednesday to 57.65 dollars per barrel,the lowest close for front-month oil futures since Dec. 19, as U.S. energy stockpiles grew.

In London, the price of Brent North Sea crude for April delivery went up six cents to close at 61.60 dollars per barrel.

On the New York Mercantile Exchange (Nymex), the heating oil rose 0.9 cents to finish at 1.6664 dollars a gallon, while the gasoline slid by 2.69 cents to close at 1.4757 dollars a gallon. Natural gas increased 54.9 cents to settle at 7.731 dollars per 1, 000 cubic feet. The Nymex closed Monday for the U.S. Presidents Day holiday.

Nigerian officials sought to negotiate the release of nine foreign workers being held as "human shields" by rebel fighters. The recent attacks have forced Shell to halt the flow of about 455, 000 barrels a day - about one-fifth of the country's daily output, or less than 1 percent of the total global demand.

Nigeria, with daily exports of 2.5 million barrels, is Africa's leading oil producer. It is also the fifth-biggest source of U.S. oil imports.

Traders are still concerned about the possibilities that Iran's oil exports would halt if the United Nations imposes Teheran an international sanction for its nuclear activities.

Source: Xinhua


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