LONDON, May 10: World oil prices rallied on Thursday amid concerns about unrest in crude producer Nigeria, wiping out earlier losses linked to larger-than-expected US stockpiles of crude and motor fuel, dealers said.
In London, the price of Brent North Sea crude for June delivery rose 74 cents to $65.94 per barrel in electronic deals.
New York's main oil futures contract, light sweet crude for delivery in June, added 64 cents to $62.19 per barrel in US floor trading.
“Crude futures were higher on Thursday after a sharp decline (Wednesday) following an unexpectedly large build up in US crude stocks.
“However, oil prices remain supported by continuing supply disruptions in Nigeria.” Crude output in Nigeria, the world's sixth-biggest oil exporter, has been slashed by about one quarter owing to persistent attacks on oil facilities in the crude-rich Niger delta.—AFP
