April 5 (Bloomberg) — Crude oil rebounded, after falling earlier today, on concern it will take Royal Dutch Shell Plc and some other companies longer than expected to restore output in Nigeria amid attacks by militants.
Crude oil for May delivery rose 5 cents, or 0.1 percent, to $66.28 a barrel on the New York Mercantile Exchange at 11:36 a.m. London time. The contract earlier fell as much as 49 cents, or 0.7 percent, to $65.74 a barrel in after-hours electronic trading. Prices today are 17 percent higher than a year ago.
Brent crude oil for May settlement rose 18 cents, or 0.3 percent, to $66.57 a barrel on London's ICE Futures exchange.
“There is nervousness around,'' said Kevin Blemkin, a broker with Man Financial Plc in London. “The market is still in the bull phase.''
Nigerian Oil Minister Edmund Daukoru said on April 3 that Shell's Nigerian venture may resume production soon at an offshore field closed since February because of attacks by militants in the Niger delta. Unrest in February and March halted production of 630,000 barrels of oil a day, more than 25 percent of Nigeria's daily production.
Larry Osai, a spokesman for Shell's offshore venture in Nigeria, declined to comment on April 3 about when the field would reopen.
To contact the reporter on this story:
Eduard Gismatullin in London at [email protected]
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