LONDON, April 20: World oil prices recovered slightly on Friday as traders fretted over supply worries amid violence in Nigeria, the world’s sixth-biggest oil exporter.
Market participants fear that continued violence in the run-up to Nigeria’s presidential elections this weekend may disrupt supplies from Africa's biggest crude-producing nation.
In London on Friday, the price of Brent North Sea crude for June delivery gained 36 cents to $66.30 per barrel in electronic deals.
New York’s main oil futures contract, light sweet crude for delivery in May, rebounded 87 cents to $62.70 per barrel in floor trading after heavy losses the previous day. The contract expires at the close.
“Crude futures were firmer on Friday ... ahead of the Nigerian presidential elections this weekend,” said Michael Davies, an analyst at the Sucden brokerage in London.
Oil prices in New York slumped by $1.30 on Thursday as US refiners ramped up their gasoline or petrol output, and the market put lingering Iran-related geopolitical jitters temporarily aside.
The refining news offset data published on Wednesday by the US Department of Energy (DoE) that showed US gasoline reserves fell 2.7 million barrels last week, the 10th consecutive drop and heavier than forecasts for a drop of 1.9 million.—AFP
