Oil prices rise on Nigeria supply concerns

NEW YORK (AP) ? Oil prices are climbing Thursday as striking oil workers threaten to shut down production in Nigeria.

Nigeria is the fifth-largest oil exporter to the United States, and a shutdown would force American refineries to replace 630,000 barrels per day of crude. Nigerian workers, who have been protesting a removal of government fuel subsidies, plan to cut off oil production starting Sunday.

Benchmark crude jumped by $1.47 to $102.35 per barrel in New York. Brent crude rose by $2.32 to $114.38 per barrel in London.

Natural gas prices continued to drop as mild winter weather cuts into heating demand. Prices fell by another 4.4 cents to $2.73 per 1,000 cubic feet.

Meanwhile, U.S. gasoline prices rose by a penny to a national average of $3.38 per gallon.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-01-12-Oil%20Prices/id-03e3b790a78946dea1e3db281c379cc2

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