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Oil prices surge on supply worries

28 March 2014, 06:43

New York - Oil prices rose solidly on Thursday for a second day running amid worries about curtailed supplie and more signs of strength in the US economy.

New York's main contract, West Texas Intermediate (WTI) for delivery in May, rose $1.02 (N168.35) from Wednesday to $101.28 (N16 716.26) a barrel.

Brent North Sea crude for May added 80 cents to stand at $107.83 (N17 797.34) a barrel in London trade.

The gains came after Shell declared force majeure on deliveries of its crude from the Forcados terminal in Nigeria after a major export pipeline was sabotaged.

Meanwhile, demand prospects in the United States looked better after fourth-quarter economic growth was increased to a 2.6 percent annual rate, with the upward revision coming from stronger consumer spending.

Tighter crude supplies in the Cushing, Oklahoma. depot where WTI is delivered also underpinned the higher US prices.

"While geopolitical events will influence price of Brent, WTI prices will be guided by economic data from the US," said Ernst & Young analyst Sanjeev Gupta.

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