March 26, 2003	Wednesday	Muharram 22, 1424

LONDON, March 25: Oil prices rose higher again on Tuesday as traders took fright at increasingly tough battles faced by coalition troops in Baghdad as well as spiralling ethnic conflict around Nigeria’s oil fields.

The Nigerian unrest has halted more than a third of the country’s oil exports.

The price of reference Brent North Sea crude oil for May delivery rose 51 cents per barrel from the previous closing price to $26.60 in late trading.

New York’s benchmark light sweet crude contract for May delivery was showing a gain of 74 cents at $29.37 per barrel in early trading.

“A perception that progress has slowed in the war with Iraq, after initial optimism, is a key factor behind the price recovery, but the loss of... Nigeria’s crude oil production is also having an impact,” said analyst Kevin Norrish at Barclays Capital.

“Our view is that price recovery could extend from current levels,” he added.

Concern also remained about restoring supplies from Iraqi oil centres already seized by coalition troops, said Deutsche Bank analyst Adam Sieminski.—AFP