oil prices rise globally amid glut woes november 03, 2016 a pump jack is seen at sunrise near bakersfield, california october 14, 2014. reuters/lucy nicholson 




oil prices rose globally thursday as an attack on a nigerian pipeline and momentum from a five-week low. brent crude trading up 48 cents, or 1 percent, at $47.34 a barrel. u.s. crude up 40 cents, or 0.9 percent, at $45.74 per barrel. futures have not recovered to levels traded in october stockpiles of oil in the united states have risen to record amount of 14 million barrels. ole hansen, head of commodity strategy at saxo bank: <u+201c>following a host of negative news, which culminated with another erratic u.s. inventory report, oil has stabilized and moved higher, driven by short-covering and the sense that it may have become too pessimistic about an opec deal being reached.<u+201d> london broker pvm: "there is a massive market-share battle going on between russia and middle eastern oil producers that sees saudi oil ending up in poland and russian crude in traditional opec markets in the far east.<u+201d> "last but definitely not least ... russia is in dire economic difficulty and needs cash." 




(london, uk) oil prices rose on thursday, supported by news of an attack on a nigerian pipeline and moving up off a five-week low reached the previous session when u.s. crude stocks data compounded doubts that a glut in global oil supplies could be eroded. 




brent crude was trading up 48 cents, or 1 percent, at $47.34 a barrel by 1200 gmt. u.s. crude was up 40 cents, or 0.9 percent, at $45.74 per barrel. 




prices were underpinned by concerns about supply disruptions after militants in nigeria's southern niger delta oil hub attacked a pipeline operated by the nigerian national petroleum corporation on wednesday.
oil prices rise globally amid glut woes
noauthor