28/03/2003 11:42
The price of oil in international markets rose, adding 6.1% to yesterday’s gains, as the war in Iraq and the civil strife in Nigeria have limited the shipments from the two oil-production countries that covered 15% of US imports in January.
At London’s International Petroleum Exchange, Brent crude oil for May settlement rose 56 cents to $ 27.38 a barrel.
Commodities strategist at Commonwealth Bank of Sydney, David Thurtell, said that the price hike in oil is attributable to the Nigerian crude oil, which is largely imported by the US in the face of the increased demand.
According to Bloomberg, producers like Shell have closed all fields where 37% of the Nigerian crude oil is pumped.
Crude oil increased 6.1% or $1.74 a barrel on Thursday, it reported weekly gains of 15% and it is expected to end up even higher to levels last seen during October 2000.
At London’s International Petroleum Exchange, Brent crude oil for May settlement rose 56 cents to $ 27.38 a barrel.
Commodities strategist at Commonwealth Bank of Sydney, David Thurtell, said that the price hike in oil is attributable to the Nigerian crude oil, which is largely imported by the US in the face of the increased demand.
According to Bloomberg, producers like Shell have closed all fields where 37% of the Nigerian crude oil is pumped.
Crude oil increased 6.1% or $1.74 a barrel on Thursday, it reported weekly gains of 15% and it is expected to end up even higher to levels last seen during October 2000.
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