World oil prices rose on Friday on fears of renewed unrest in Nigeria, as traders positioned for a long weekend in the US, analysts said.
New York's main oil futures contract, light sweet crude for delivery in March, gained US$1.40 to US$59.39 a barrel.
In London, the price of Brent North Sea crude for April delivery climbed US$1.35 to US$58.95 a barrel.
"The US consulate [in Nigeria] has said one of the militant groups in Nigeria is planning to expand their attacks," Sucden analyst Michael Davies said in London.
Nigeria is the sixth-biggest exporter of crude oil, and the biggest in Africa. Oil facilities in the Niger Delta are regularly subject to attacks by militant separatists.
Despite Friday's rise, oil prices were down on the week and will remain "under pressure as winter draws to an end, while stock levels remain comfortable as we head into the traditionally lower-demand second quarter," Davies added.
Fimat analyst Mike Fitzpatrick said: "The rise is purely technical before the long weekend."
US markets are closed tomorrow for the Presidents' Day holiday.
"The news about Nigeria also helped but the market is going to need something more substantial than this report to make it go higher," he said.
World oil prices had finished mixed on Thursday, with Brent crude falling briefly below US$57 a barrel as traders focused on the buoyant state of the US' energy stockpiles.
It has been a volatile week for oil prices, beginning with a slump of more than US$2 on Monday in response to Saudi Arabian comments that appeared to pour cold water on further output cuts by the OPEC cartel.
During the week, OPEC said it was maintaining its estimate for the growth of oil demand this year at 1.5 percent, in line with its previous monthly report.
On Tuesday, prices staged a strong rebound after the International Energy Agency raised its own estimate for world oil demand this year, closing up more than US$1 in New York.
Then, on Wednesday, they tumbled again following a smaller-than-expected decline in stockpiles of US distillates.
Reserves of distillates, including heating fuel, fell by 3 million barrels to 133.3 million in the week ending Feb. 9, according to the US Department of Energy.
Analysts had expected a larger drop of 4 million barrels amid freezing weather in the US, the world's biggest energy consumer.
Three experts in the high technology industry have said that US President Donald Trump’s pledge to impose higher tariffs on Taiwanese semiconductors is part of an effort to force Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) to the negotiating table. In a speech to Republicans on Jan. 27, Trump said he intends to impose tariffs on Taiwan to bring chip production to the US. “The incentive is going to be they’re not going to want to pay a 25, 50 or even a 100 percent tax,” he said. Darson Chiu (邱達生), an economics professor at Taichung-based Tunghai University and director-general of
‘LEGACY CHIPS’: Chinese companies have dramatically increased mature chip production capacity, but the West’s drive for secure supply chains offers a lifeline for Taiwan When Powerchip Technology Corp (力晶科技) entered a deal with the eastern Chinese city of Hefei in 2015 to set up a new chip foundry, it hoped the move would help provide better access to the promising Chinese market. However, nine years later, that Chinese foundry, Nexchip Semiconductor Corp (合晶集成), has become one of its biggest rivals in the legacy chip space, leveraging steep discounts after Beijing’s localization call forced Powerchip to give up the once-lucrative business making integrated circuits for Chinese flat panels. Nexchip is among Chinese foundries quickly winning market share in the crucial US$56.3 billion industry of so-called legacy
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday held its first board of directors meeting in the US, at which it did not unveil any new US investments despite mounting tariff threats from US President Donald Trump. Trump has threatened to impose 100 percent tariffs on Taiwan-made chips, prompting market speculation that TSMC might consider boosting its chip capacity in the US or ramping up production of advanced chips such as those using a 2-nanometer technology process at its Arizona fabs ahead of schedule. Speculation also swirled that the chipmaker might consider building its own advanced packaging capacity in the US as part
A move by US President Donald Trump to slap a 25 percent tariff on all steel imports is expected to place Taiwan-made steel, which already has a 25 percent tariff, on an equal footing, the Taiwan Steel & Iron Industries Association said yesterday. Speaking with CNA, association chairman Hwang Chien-chih (黃建智) said such an equal footing is expected to boost Taiwan’s competitive edge against other countries in the US market, describing the tariffs as "positive" for Taiwanese steel exporters. On Monday, Trump signed two executive orders imposing the new metal tariffs on imported steel and aluminum with no exceptions and exemptions, effective