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World Fuel Prices Oil prices see steady rise

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

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Oil Rig play

Oil Rig

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

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

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

READ MORE: Moody’s warns of oilfield, drilling slump

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.

The Nigeria disruptions come on top of a reduction in Canada's output due to wildfires threatening the country's oil sands region.

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