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UPDATE 5-Oil rises after Nigerian pipeline attack
Tuesday 20 December 2005, 3:56pm EST
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(Updates with closing prices)
By Randy Fabi
LONDON, Dec 20 (Reuters) - Oil prices rose on Tuesday after gunmen blew
up an oil pipeline in Nigeria, killing eight people and cutting output
from the major U.S. supplier.
U.S. January light crude, which expired at the close, settled up 64
cents at $57.98 a barrel, rebounding from a loss of more than $4 since
Wednesday. London Brent gained 6 cents to $56.17 a barrel.
Sabotage by unidentified gunmen on a Nigerian pipeline operated by
Royal Dutch Shell (RDSa.L: Quote, Profile, Research) (RDSb.L: Quote,
Profile, Research) caused a large oil spill and fire in the OPEC
nation's remote Niger Delta, the company said.
Shell said it closed two oil fields and shut in 170,000 barrels per day
of production to help curb the blaze.
Oil prices were also supported by expectations that weekly U.S.
government crude inventory data to be released on Wednesday would show
a drawdown in stocks for last week.
U.S. crude stocks were forecast to have fallen 1 million barrels due to
lower imports and higher refinery runs, according to a Reuters poll of
nine analysts. It would be the first drop in three weeks.
Crude stockpiles in the world's biggest oil consumer still appear quite
comfortable at around 13 percent above last year's levels, experts
said.
Analysts expect a 400,000-barrel fall in distillate fuels, including
heating oil, but forecasts for warmer-than-usual weather for the first
quarter next year have been easing worries over heating fuel stocks and
weighing on prices.
U.S. heating oil demand is expected to be near normal this week as a
cold spell eases, while total demand for all heating fuels is forecast
to be less than 3 percent below normal, the National Weather Service
said on Monday.
It has predicted much of the country will experience warmer than normal
temperatures from January to March.
"The past couple of days have been based on one entity's view of what
January's weather will look like and that hasn't been enough to
establish a price trend," said Craig Pennington, global energy
portfolio manager at Schroders.
Private weather forecaster WSI Corp. in its seasonal outlook also
expects that January and March will be warmer than usual but predicts a
colder than normal February will balance the anticipated lower demand
for the other two months.
U.S. prices rose to a one-month peak of $61.90 last week, following a
bout of colder weather in the U.S. Northeast.
(Additional reporting by Matthew Robinson in New York and Yaw Yan Chong
in Singapore)
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