June 29 (Bloomberg) -- Crude oil climbed above $71 and gasoline rose the most in six weeks after an attack by Nigerian militants shut a field operated by Royal Dutch Shell Plc, cutting output from Africa’s largest producer.
Shell said it closed the Estuary field near the Forcados export terminal after the assaults. Hostilities in the Niger River delta have cut more than 20 percent of the country’s oil exports since 2006. The International Energy Agency, an adviser to 28 developed nations, lowered its five-year forecast for global crude demand because of the economic slump.
“Nigerian militants are a crude-oil bull’s best friend,” said Tim Evans, an energy analyst with Citi Futures Perspective in New York. “The renewed militant activity has inspired additional buying of crude-oil futures.”
Crude oil for August delivery rose $2.33, or 3.4 percent, to $71.49 a barrel at 2:49 p.m. on the New York Mercantile Exchange, the highest close since June 12. Oil is poised for a quarterly gain of 44 percent, the biggest since 1990.
Gasoline for July delivery climbed 6.17 cents, or 3.3 percent, to $1.9358 a gallon in New York, the highest settlement since June 18. It was the biggest one-day increase since May 18.
Shell closed the Estuary field after attacks on production wells, Tony Okonedo, a spokesman, said by phone from Lagos today. The Movement for the Emancipation of the Niger Delta said it attacked the field. Nigeria is vying with Angola to be Africa’s largest producer.
“There are no signs that the situation in Nigeria is getting better anytime soon,” said Adam Sieminski, the chief energy economist at Deutsche Bank AG in Washington. more...
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