On Thursday, crude rallied on a reported dive in American crude inventories. Another factor contributing to surge was the fact that Nigerian rebels threatened to have the country’s petroleum infrastructure attacked.
However, oil prices stood below recent three-year maximums because fuel supplies are still rich and refineries reduced the overall number of operations.
Brent crude futures hit $69.56, adding 0.3% from their previous settlement. On Monday, these futures reached their highest value since December, 2014, demonstrating a reading of $70.37 a barrel.
American West Texas Intermediate crude futures showed $64.25 a barrel, gaining 0.4% from their previous close. On Tuesday, WTI futures marked a December-2014 maximum of $64.89 per barrel.
Market participants told that oil prices had been underpinned after news that Nigeria’s militant group dubbed Niger Delta Avengers threatened to attack the country’s crude industry soon.