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Crude prices jump amid supply worries

Xinhua, May 11, 2016 Adjust font size:

Oil prices rose Tuesday amid growing concerns about global crude output disruption.

A series of attacks on Nigeria's oil infrastructure lowered the country's crude output to a 22-year low. Threats from militants forced oil companies to evacuate workers.

The output of Africa's largest oil producer dropped to 1.7 million barrels per day, data of the International Energy Agency showed.

Between 900,000 and 1 million barrels a day of oil sands production were off line and some oil pipelines have been shut down due to wildfires which raged in the western Canadian oil city of Fort McMurray, reports said.

Wall street investment bank Morgan Stanley estimated that it would take around one week for the Canadian crude producers to recover their full capacities.

The West Texas Intermediate for June delivery moved up 1.22 U.S. dollars to settle at 44.66 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery increased 1.89 dollars to close at 45.52 dollars a barrel on the London ICE Futures Exchange. Endit