July 05, 2007	Thursday	Jamadi-us-Sani 19, 1428

LONDON, July 4: World crude prices reached fresh 10-month high points on Wednesday as oil-rich Nigeria was hit by fresh unrest and the market prepared for further key US energy data, traders said.

In London, the price of Brent crude hit $73.12 per barrel, the highest level since August 25, 2006.

New York crude jumped to $71.50, also a 10-month peak.

Later on Wednesday, Brent North Sea crude for August delivery stood at $72.98 per barrel in electronic deals, up five cents on Tuesday’s close.

New York’s main oil futures contract, light sweet crude for delivery in August, dipped one cent to $71.40.

“Nigeria has remained in the focus of investors’ attention for some time this year, as the country’s oil output struggles to get back to full capacity because of continued militant attacks and kidnappings,” Sucden analyst Andrey Kryuchenkov said.

Nigeria is Africa's biggest producer and the world’s eighth largest exporter of crude oil, accounting for a daily output of 2.14 million barrels.

The West African country used to export 2.6 million barrels per day until the unrest in the restive Niger delta cut back its production by around a quarter.

The market was underpinned also by worries over strong US gasoline (petrol) demand and below average supply, traders said.—AFP