Crude adds to gains on threat of Nigeria production shutdown

12 January 2012 15:11  [Source: ICIS news]

LONDON (ICIS)--Prices for crude oil added to earlier gains on Thursday to take Brent crude on ICE Futures above $115.00/bbl after a Nigerian oil workers’ union said that it would shut down production of oil and gas from Sunday 15 January as part of the national strike against the axing of gasoline subsidies.

By 14:40 GMT, February Brent crude had hit a high of $115.12/bbl, a gain of $2.88/bbl from Wednesday’s close of $112.24/bbl, before easing back to around $114.45/bbl.

At the same time, February NYMEX light sweet crude futures were trading around $102.50/bbl, having hit a high of $102.98/bbl, a gain of $2.11/bbl from the previous close of $100.87/bbl.

By: Tony Dillon
+44 20 8652 3214

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