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Crude prices rise on supply concerns
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08:08, May 19, 2009

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Oil prices rose to a six-month high on Monday as Nigerian militants raided pipelines while an explosion at a U.S. refinery stirred concern about supplies.

Crude prices opened higher Monday after the militants in Nigeria, the largest oil producer in Africa, said they blew up two oil and gas pipelines in the Niger Delta.

The overnight explosion at Sunoco's oil refinery in Pennsylvania, which produces 178,000 barrels per day, also raised investors' concern on supplies.

Light, sweet crude for June rose 2.69 U.S. dollars to 59.03 dollars a barrel, the highest settlement since Nov. 11. In London, Brent prices rose 2.49 dollars to settle at 57.47 dollars a barrel on the ICE Futures exchange.

Source: Xinhua

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