Markets

Oil prices inch higher as Nigeria militants claim fresh attacks

Investing.com -

Investing.com - Oil prices pushed higher in European trade on Monday, as market players monitored more disruption to supplies from Nigeria.

The Niger Delta Avengers militant group has claimed responsibility for five new attacks on Nigeria's oil infrastructure over the weekend, dealing a blow to the government's effort to enforce a cease-fire.

On the ICE Futures Exchange in London, Brent oil for September delivery tacked on 13 cents, or 0.26%, to trade at $50.48 a barrel by 07:48GMT, or 3:48AM ET.

London-traded Brent futures jumped $1.92, or 4.01%, last week, its best weekly performance in more than a month, amid subsiding fears about the Brexit referendum's impact on global crude demand.

Elsewhere, crude oil for August delivery on the New York Mercantile Exchange inched up 8 cents, or 0.16%, to trade at $49.07 a barrel.

Last week, New York-traded oil futures advanced $1.18, or 2.83%, the first weekly rise in three weeks.

Signs of a potential recovery in U.S. drilling activity limited gains. According to oilfield services provider Baker Hughes, the number of rigs drilling for oil in the U.S. rose by 11 last week to 341, marking the fourth increase in five weeks.

The renewed gain in U.S. drilling activity fueled speculation that domestic production could be on the verge of rebounding in the weeks ahead, underlining worries over a supply glut.

U.S. financial markets will be closed on Monday for the Independence Day holiday, resulting in thin trading conditions.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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