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AFX Asia (Focus): Oil prices continue to rise in Asian trade

Oil prices continue to rise in Asian trade
Mar 02, 2006
SINGAPORE (AFX) – Oil prices rose in Asian trading hours as the market ignored healthy US crude and gasoline stockpiles to focus on geopolitical worries, about Nigeria in particular, dealers said.
At 12.50 pm (0450 GMT) here, New York's main contract, light sweet crude for delivery in April, was up 0.18 usd at 62.15 usd from its close of 61.97 usd in the US overnight.
“The concern right now is Nigeria, with the Chevron incident,” said Tony Nunan a Tokyo-based energy analyst with Mitsubishi Corp.
Chevron said yesterday it had shut down one of its oil facilities in the Niger Delta, costing Nigeria 13,000 barrels per day (bpd) in lost output.
Chevron spokesman Michael Barrett said the firm had shut the Makaraba flow station after an unexplained leak in a crude oil pipeline connecting the plant to the Escravos export platform caused a minor spill.
Africa's biggest oil producer has been rocked by attacks on oil installations run by Western majors. Shell has suspended production in the delta region, cutting output by 455,000 bpd or 20 pct.
Separatist guerrillas yesterday released six of nine foreign oilmen they were holding captive, but warned that they would step up attacks aimed at shutting down Nigeria's oil industry.

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