Oil market worried over US supply

Unrest in Nigeria, Africa’s biggest oil producer, continued an issue with the country having now lost about a quarter of its output due to a series of attacks on facilities in the crude-rich Niger delta.

Shum said the situation in Nigeria “provides support to pricing even though US crude stocks are at a comfortable level.”

US oil giant Chevron said Saturday it was suspending non-essential activities off Nigeria’s oil-rich southern coast after four of its workers were seized from a construction vessel last Tuesday.

BusinessReport