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Oil eases after 10-month highs Nigeria tension helps oil surge
(about 2 hours later)
Global oil prices have fallen back after hitting 10-month highs of more than $74 a barrel, after it emerged that US energy reserves had risen. Global oil prices have hit 10-month highs of more than $74 a barrel, as concerns over supply from the Niger Delta intensified.
Official figures also showed supplies of petrol were higher than expected. A three-year-old British girl became the latest kidnap victim in the volatile oil-rich region.
However traders said that concerns lingered over some supply regions - notably Nigeria. Brent crude leapt by $1.70 to $74.75 in London on Thursday - a level not seen since August 2006. US light crude was 40 cents ahead at $71.81
Brent crude went as high as $74.32 on Thursday - a level not seen since August 2006 - but fell back to $73.92 in London trading. The rises came despite it emerging that US energy reserves had risen.
The Department of Energy said that petrol inventories jumped by 1.8 million barrels last week - more than treble the 500,000 analysts had predicted. Official figures showed that supplies of petrol were also better than expected.
With an estimated 41 million Americans having hit the roads for Independence Day travel, analysts predict this week will have seen a squeeze on US petrol stocks.
And in separate data, US crude oil stockpiles jumped by 3.1 million barrels to 354 million barrels, wrong-footing analysts.
"We actually had larger than expected increases both in crude and refined products," said Jim Ritterbusch of Ritterbusch & Associates, Illinois.
'Spooked''Spooked'
Ongoing anti-government violence in Nigeria has put an upward pressure on global oil prices.Ongoing anti-government violence in Nigeria has put an upward pressure on global oil prices.
Most multinational oil companies operating in the area have pulled families of expatriate staff out of the region after a spate of kidnappings.Most multinational oil companies operating in the area have pulled families of expatriate staff out of the region after a spate of kidnappings.
The kidnap of a three-year-old British girl in the oil-rich Niger Delta on Thursday is the latest escalation of troubles in the region - though the child is not the offspring of an oil worker. However the British girl who was taken is not the offspring of an oil worker.
"I think there is concern about the Nigerian kidnapping and geopolitics," said Stephen Schork, president of The Schork Report."I think there is concern about the Nigerian kidnapping and geopolitics," said Stephen Schork, president of The Schork Report.
"The market might be thinking this could bring things in Lagos to a head. I think the Brent market is really spooked by that.""The market might be thinking this could bring things in Lagos to a head. I think the Brent market is really spooked by that."
The Department of Energy said that petrol inventories jumped by 1.8 million barrels last week - more than treble the 500,000 analysts had predicted.
With an estimated 41 million Americans having hit the roads for Independence Day travel, analysts predict this week will have seen a squeeze on US petrol stocks.
And in separate data, US crude oil stockpiles jumped by 3.1 million barrels to 354 million barrels, wrong-footing analysts.
"We actually had larger than expected increases both in crude and refined products," said Jim Ritterbusch of Ritterbusch & Associates, Illinois.