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 U.S. fuel supplies weighed.
Crude is within sight of its highest since December 2014, supported by supply cuts led by the Organization of the Petroleum Exporting Countries 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.
Brent crude, the global benchmark, had slipped 7 cents to $69.31 by 0943 GMT. On Monday it hit $70.37, the highest since December 2014. U.S. crude was up 2 cents at $63.99 and reached its highest since December 2014 on Tuesday.
Even so, traders said prices were unlikely to fall far due to the OPEC-led curbs and the risk of further disruptions.
Crude is within sight of its highest since December 2014, supported by supply cuts led by the Organization of the Petroleum Exporting Countries 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.
Brent crude, the global benchmark, had slipped 7 cents to $69.31 by 0943 GMT. On Monday it hit $70.37, the highest since December 2014. U.S. crude was up 2 cents at $63.99 and reached its highest since December 2014 on Tuesday.
Even so, traders said prices were unlikely to fall far due to the OPEC-led curbs and the risk of further disruptions.
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