Falling US crude stocks, threats to Nigerian fuel infrastructure push oil up
Singapore — Oil prices rose on Thursday on a reported decline in US crude inventories, and as rebels in Nigeria threatened to attack the country’s petroleum infrastructure.However, prices stayed below recent three-year highs as fuel supplies remain ample and as refineries scaled back operations.Brent crude futures were at $69.56 at 2.55am GMT, up 18c or 0.3% from their last close. On Monday, they hit their highest since December 2014 at $70.37 a barrel.US West Texas Intermediate (WTI) crude futures were at $64.25 a barrel, up 28c or 0.4% from their last settlement. WTI marked a December 2014 peak of $64.89 a barrel on Tuesday.Traders said prices had been pushed up after reports that Nigerian militants Niger Delta Avengers threatened to launch attacks on the country’s oil sector in the next few days.Markets were also supported by a drop in available crude inventories."Prices … rallied on the back of noticeable de-stocking of crude inventories," said Fawad Razaqzada, market analyst at...
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