Oil rises above $124 on Nigeria pipeline attack

London: Oil rose more than $1 to above $124 a barrel on Monday, after attacks by rebels on the oil industry in major oil exporter Nigeria that renewed concern about supplies.

The main militant group in Nigeria's Delta region said it had attacked two Royal Dutch Shell pipelines. Shell said it halted some production due to the incident but declined to say how much.

US crude rose $1.34 to $124.60 a barrel by 8:00 a.m. EDT, down from a high of $125.22. London Brent was up $1.42 to $125.94.

Oil has fallen over $23 from a record high of $147.27 on July 11, pressured by signs that record-high prices and slowing economies are curbing demand. Dealers said prices could still head lower for now.