World Crude Prices Rise on Demand Concerns

World crude prices rise on demand concerns NEW YORK, Jan. 26 (Xinhua) — World crude prices rose Thursday on concerns about Iran’s nuclear tensions and reduced Nigerian production.

New York’s main contract, light sweet crude for delivery in March, climbed 41 cents to close at 66.26 dollars a barrel.

In London, the price of Brent North Sea crude for March delivery gained 69 cents to finish at 64.92 dollars a barrel.

On the New York Mercantile Exchange, gasoline futures rose 1.97 cent to 1.6843 dollars per gallon. Natural gas for February delivery fell 23.1 cents to 8.229 dollars per 1,000 cubic feet, the lowest close for the front-month contract since the Aug. 1 settlement of 8.154 dollars.

Nigerian President Olusegun Obasanjo vowed Thursday to restore stability to the Niger Delta. Gunmen attacked the offices of Italian oil company Agip Tuesday,, killing nine people and stealing an unidentified amount of money. Royal Dutch Shell has cut production by 221,000 barrels since the start of the crisis, depriving the oil market of a large quantity of highly prized light sweet crude.

Nigeria is Africa’s largest oil exporter and the unrest has cut 10 percent of its daily oil output.