Oil holds steady on falling inventories and threats in the Nigerian delta
London — Oil held steady above $69 a barrel on Thursday, supported by falling inventories of crude and threats of an attack on Nigeria’s petroleum industry, although a reported rise in US fuel supplies weighed on the price. Crude is within sight of its highest since December 2014, supported by supply cuts led by oil cartel Opec and concern that unrest in producer nations such as Nigeria could further curb output. Militant group Niger Delta Avengers threatened to attack Nigeria’s oil sector in the next few days, potentially hampering supplies in Africa’s largest exporter. "The impact of such a threat, if carried out, would be significant on the global supply and demand balance," said Tamas Varga of oil broker PVM. "The market is still sensitive to geopolitical developments." Brent crude, the global benchmark, had slipped 7c to $69.31 by 9.43am GMT. On Monday, it hit $70.37, the highest since December 2014. US crude was up 2c at $63.99 and reached its highest since December 2014 on Tu...
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