Brent retained its price above $50 per barrel as Nigerian militants took responsibility for recent attacks over the weekend, boosting the country’s effort to raise productivity.
Oil futures climbed as much as 0.7% after edging 1.3% Friday while Brent was up as much as 33 cents to $50.68 a barrel. Brent has revived around 80% since slumping to a 12-year low in January due to supply disruptions and declining U.S. supply. Niger Delta Avengers claimed it raided five crude-pumping facilities on Sunday, hitting government endeavors to implement a ceasefire.
The contract edged 64 cents to $50.35 a barrel on Friday. U.S. WTI rose 24 cents or 0.5% to $49.23 a barrel.
The material has been provided by InstaForex Company – www.instaforex.com