Oil above $133 on Nigeria, North Sea

Mon May 26, 2008 4:43pm BST
 
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By Ikuko Kao

LONDON (Reuters) - Oil rose above $133 on Monday as long-term supply concerns lingered and fresh production problems appeared in Nigeria and Norway.

U.S. crude CLc1 rose 95 cents to $133.14 a barrel by 4:28 p.m..

London Brent crude LCOc1 rose $1.47 to $133.04.

Oil prices have risen nearly 40 percent this year, topping $135 for the first time last week.

Rebels from Nigeria's oil-producing Niger Delta said they had blown up a Royal Dutch Shell pipeline, forcing the Anglo- Dutch major (RDSa.L) to shut some production.

The attack was the latest act of sabotage in a campaign by militants that has cut oil output in the world's eighth-largest producer by around a fifth since 2006.

Nigerian Minister of State for Oil Odein Ajumogobia said in a Nigerian television interview the most recent attacks have lead to shut-ins amounting 175,000 barrels per day but he expected the outage to be restored in the coming weeks.

Oil output in OPEC producer Nigeria has been erratic in recent months due to repeated rebel attacks to oil facilities and a workers' strike in April.  Continued...

 
A share trader is pictured behind a mock one dollar bill and a mock 500 Euro note symbolizing a consumer credit note, at the German stock exchange in Frankfurt, December 18, 2008. REUTERS/Kai Pfaffenbach
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