Oil prices edge up as Brent pushes further above $50

Crude prices edged up in Asia on Monday,
building on recent gains with Brent holding above
$50 after Nigerian militants claimed fresh attacks
on the country’s oil infrastructure.
Prices see-sawed last week, plunging in the
immediate aftermath of Britain’s shock decision
to leave the European Union but rallying after
central banks worldwide vowed support to
financial markets.
At about 0630 GMT, US benchmark West Texas
Intermediate was up 33 cents at $49.32, while
Brent rose 35 cents to $50.70. Analysts said
trading would likely be light Monday owing to the
Independence Day holiday in the United States.
The commodity rallied at the end of last week as
news filtered through of an attack on a restaurant
in Dhaka, which compounded worries about
terrorism days after suicide bombers hit Istanbul
airport.
On Sunday a Nigerian rebel group claimed five
attacks on the country’s oil and gas
infrastructure, threatening to scupper efforts to
boost production.
The Niger Delta Avengers have been bombing
pipelines in a bid to win the delta region a bigger
share of crude revenue and political autonomy.
The attacks have hit output from African largest
oil producer.
“Supply disruptions in Nigeria are now becoming
an ongoing issue,” Hong Sung Ki, a Seoul-based
commodities analyst at Samsung Future, told
Bloomberg News.
“Things look better one day and worse the next
day.”
EY Services oil and gas analyst Sanjeev Gupta
dealers were keeping an eye on the release
Friday of US economic data, including on
employment in the world’s top oil consuming
nation.