Crude edges up after Nigerian militants claim fresh attacks on the country's oil infrastructure

05-Jul-16

US benchmark WTI inched up to US$49.3, while Brent rose 35 cents to US$50.70. Crude prices edged up in Asia, building on recent gains, after Nigerian militants claimed fresh attacks on the country's oil infrastructure. Last week was volatile for crude, as prices plunged after the Brexit decision, and later rallied after central banks worldwide vowed support to financial markets.

On Sunday a Nigerian rebel group claimed five attacks on the country's oil and gas infrastructure, threatening to scupper efforts to boost production. The Niger Delta Avengers have been bombing pipelines in a bid to win the delta region a bigger share of crude revenue and political autonomy. The attacks have hit output from African largest oil producer.