Oil eases below $50 on higher production in Nigeria
Oil prices retreated in Asia on Tuesday, with Brent easing below $50 on news of increased production from Nigeria following the repair of infrastructure damaged in militant attacks.
Nigeria, Africa’s biggest producer, pumped an average 1.53 million barrels a day last month, up around 990,000 a day from May, according to Bloomberg News report.
Minister of State for Petroleum Resources, Emmanuel Kachikwu said last month that a ceasefire with rebel forces had allowed the Nigerian government to repair the damaged oil pipelines
At around 0325 GMT, the US benchmark West Texas Intermediate for August delivery was down 67 cents, or 1.37%, to $48.32 and Brent crude for September eased 42 cents, or 0.84%, to $49.68 a barrel.
“Oil prices are pulling back on easing supply disruption concerns, as markets reacted to news that Nigerian production has increased last month,” IG Markets analyst Bernard Aw told the AFP.
“Nonetheless, oil prices remained relatively stable around the $50 mark. This will be welcomed by the oil sector,” he added.
Crude prices had edged up on Monday after Nigerian militant group Niger Delta Avengers on Sunday claimed five attacks on the country’s oil and gas infrastructure in a revival of their sabotage campaign after a recent lull.
The Avengers are fighting in the Niger delta region for a bigger share of crude revenue and greater political autonomy. “Prices will also remain under pressure from the impact of Britain’s vote to leave the European Union, which is yet to fully unfold,” said the British bank Barclays.
“The dire warnings about the effect on global financial markets and risk appetite from a UK vote to leave the EU are yet to manifest themselves in commodity markets, which in general have performed robustly over the past week,” it said in a market analysis.
“Whether this proves to be the calm before the storm depends on the extent of negative contagion.”
It further said the deterioration in the global economic outlook, financial market uncertainty and potential ripple effects on key areas of oil demand growth are likely to exacerbate the already lacklustre industrial demand growth trends.
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