Oil glides near eight-month peaks on woes over Nigeria's crude industry

Oil prices inched closer to its highest in around eight months, bolstered by anxieties over Nigeria's oil industry and data indicating bigger than anticipated drawdown in US crude inventories. An American Petroleum Institute data showed commercial oil inventories declined by 3.6 million barrels in the previous week. Analysts noted worries regarding global supply disruptions boosted the market, which surfaced when militants assaulted southern Delta swamps in Nigeria. Brent crude for August settlement remained at $51.44 per barrel, while NYMEX crude for July settlement closed at $50.40 per barrel, up 4 cents.

News are provided by InstaForex