Oil prices see steady rise

quist 19:12 - 24 May 2016

Oil Rig

This is attributable to an ease in the Dollar and damage to the Nigerian Oil Pipelines ensuring that US benchmark West Texas Intermediate for delivery in June was up 17 cents at US$48.33 a barrel, and that of Brent North Sea crude for July added eight cents to reach US$48.89

Current figures coming from the international commodities market reveal that world oil prices have began to pick up.

Disruptions in Nigeria sparked fears over fuel scarcity prompting the uptick in oil prices.

A new militant group called the Niger Delta Avengers (NDA) carried out several attacks on key pipelines and facilities operated by oil majors Shell and Chevron, hurting output in Africa's biggest economy and major crude producer.

Officials said Nigeria's output had slumped to 1.4 million barrels per day from 2.2 million because of the unrest.