Militant unrest in the Niger Delta has disrupted oil output in the region. Photo AFPFrom The Wall Street Journal:
LAGOS, Nigeria -- A week-long offensive by the Nigerian army to destroy militant camps in the oil-rich Niger Delta continued Wednesday, a day after Italian oil major Eni SpA declared force majeure on 52,000 barrels per day of crude production from the country.
The fighting helped push oil prices higher, though they got the biggest lift from a U.S. government report that inventories were falling faster than expected. In late trading in New York Wednesday, U.S. benchmark crude was up $1.94 per barrel, or 3.23%, at $62.04.
The fighting is the latest in years of battles between militants on one side and oil companies and Nigeria's security services on the other, though it had subsided somewhat since October. Occasional outbreaks since then had been brief and drew little attention from global crude markets after prices fell sharply from highs last summer.
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More News On The Unrest in Nigeria
Hundreds feared dead in Nigeria unrest -Amnesty -- Reuters
Nigeria army vows to push on with oil delta campaign -- Reuters
Thousands flee fighting in oil-rich Niger Delta -- Radio Netherlands
Nigerian Army Vows to Secure Oil Rich Region -- Voice of America
Nigerian army turns to informants in rebel crackdown -- AFP
Amnesty urges restraint in Niger Delta -- Africasia
Nigeria oil output around 1.6 mln bpd despite unrest -- The Guardian
Nigeria’s Oil Production Drops to Half Total Capacity -- Bloomberg
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