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| Oil above $58 on Nigeria attacks | |
| (about 3 hours later) | |
| Oil prices have risen above $58 a barrel amid fears that attacks on oil facilities in Nigeria could lead to shortages in oil supply. | |
| US crude rose by $1.82 to $58.16 a barrel, while London Brent crude was up $2.02 to $58.00. | |
| Analysts also said last week's slide in oil prices had been overdone. | |
| Oil has jumped from $32 a barrel in January on hopes for an economic recovery, but it remains well below the record high of $147 touched last July. | |
| Crude oil prices dropped 4% last week after some US data suggested that the world's largest economy was not recovering as fast as some had hoped. | Crude oil prices dropped 4% last week after some US data suggested that the world's largest economy was not recovering as fast as some had hoped. |
| Reports last week showed that US retail sales had unexpectedly dropped last month and industrial production had fallen for the ninth month, leading traders to sell oil. | |
| "There was quite a pullback on Friday and it might have been a bit overdone," said Rob Montefusco, a broker at Sucden Financial. "The whole Nigerian situation is quite supportive at the moment," he added. | |
| Oil prices picked up after militants in Nigeria, Africa's leading oil producer, attacked two oil pipelines in the southern Niger Delta. | |
| Oil has been rising in response to a global rebound in stock markets over the past two months. |