Crude prices edged up in
Asia on Monday, building on recent gains with Brent holding above $50 after
Nigerian militants claimed fresh attacks on the country’s oil infrastructure.
Prices see-sawed last week,
plunging in the immediate aftermath of Britain’s shock decision to leave the
European Union but rallying after central banks worldwide vowed support to
financial markets.
At about 0630 GMT, US
benchmark West Texas Intermediate was up 33 cents at $49.32, while Brent rose
35 cents to $50.70. Analysts said trading would likely be light Monday owing to
the Independence Day holiday in the United States.
The commodity rallied at the
end of last week as news filtered through of an attack on a restaurant in
Dhaka, which compounded worries about terrorism days after suicide bombers hit
Istanbul airport.
On Sunday a Nigerian rebel
group claimed five attacks on the country’s oil and gas infrastructure,
threatening to scupper efforts to boost production.
The Niger Delta Avengers
have been bombing pipelines in a bid to win the delta region a bigger share of
crude revenue and political autonomy. The attacks have hit output from African
largest oil producer.
“Supply disruptions in
Nigeria are now becoming an ongoing issue,” Hong Sung Ki, a Seoul-based
commodities analyst at Samsung Future, told Bloomberg News.
“Things look better one day
and worse the next day.”
EY Services oil and gas
analyst Sanjeev Gupta dealers were keeping an eye on the release Friday of US
economic data, including on employment in the world’s top oil consuming nation.
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