Business | Oil & Gas
Oil tops $133 after Nigeria and North Sea cuts
Oil rose above $133 on Monday due to lingering supply concerns from key oil producer Nigeria and a partial shut-in at the North Sea oilfields.
- Reuters
- Published: 10:33 May 26, 2008
London: Oil rose above $133 on Monday due to lingering supply concerns from key oil producer Nigeria and a partial shut-in at the North Sea oilfields.
London Brent crude rose $1.46 to $133.03 a barrel by 1036 GMT, marking a larger gain than US crude.
US crude rose $1.10 cents to $133.29. Last week, it struck a record high of $135.09.
Nigeria's army confirmed on Monday there had been an explosion at an oil facility owned by Royal Dutch Shell, hours after Niger Delta rebels claimed to have blown up a pipeline.
Impact on output from the most recent blast was not immediately clear.
"Nigeria continues to experience supply problems," Robert Laughlin with MF Global said in a note.
Output in Nigeria has been erratic in recent months due to rebel attacks to oil facilities and a workers' strike in April.
In Europe, Norwegian oil and gas producer StatoilHydro said Statfjord A in the North Sea, which produces 19,000 barrels of oil per day, remains shut after an oil leak on Saturday.
The leak halted output of about 138,000 barrels per day at Statfjord and the two linked fields. Output at the two fields has since been restored.
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