Crude oil prices steadied on Tuesday as supply disruptions - and the potential threat of U.N. Security Council action against Iran - were offset by fears of a supply glut, despite strong global petroleum demand. U.S. petroleum data last week showed that oil stockpiles had climbed to their highest level since the end of May 1999.
Light sweet crude for April delivery on the New York Mercantile Exchange stood at US$60.40 a barrel and May Brent crude futures on London's ICE stood at US$61.47 a barrel.
Nigerian rebels struck an oil pipeline operated by Rome-based Eni SPA's Agip Oil Co. unit on Friday, disrupting the flow of oil, due to which the company's production will drop by about 13,000 bpd while it repairs the pipeline. Nigeria, a source of coveted light, sweet crude oil, is Africa's top oil exporter and the fifth-largest crude supplier to the U.S.
22-Mar-06 
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