Crude Oil rose above $70 a barrel attack by Nigerian militants closed a field operated by Royal Dutch Shell Plc, further cutting production from Africa’s largest producer.
The move followed a 2 percent gain on Thursday and put oil on course for a 4 percent gain this month, buoyed by prospects for an economic recovery that has lifted prices from below $40 over the past four months.
The release of the June consumer sentiment index by the Reuters/University of Michigan Surveys of Consumers at 1355 GMT was expected to reflect a mildly improving outlook for the U.S. economy, auguring well for ailing world energy demand.
By 1216 GMT, benchmark August U.S. crude oil CLc1 was up 3 cents per barrel at $70.26, having hit a high of $71.29, up $1.06. London Brent LCOc1 rose 2 cents to $69.80.
THIS IS GOOD FOR THE ECONOMY OF NIGERIA.
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