Nigeria Avengers, Dwindling Stockpiles Support Oil Prices

Posted On 18 Jan 2018

Crude oil futures were little changed Thursday morning, holding recent gains amid turmoil in Nigeria and dwindling U.S. stockpiles.

The American Petroleum Institute (API) reported a large draw of 5.121 million barrels of United States crude oil inventories for the week ending January 12. This is the seventh significant draw in as many weeks, according to the API.

The Energy Info Administration releases its weekly figures at 10:30 am ET today.

Meanwhile, Niger Delta Avengers threatened to attack Nigeria’s oil sector in the next few days.

“While promising a brutal outpour of our wrath, which shall shake the coffers of the failed Nigerian nation, our demand is for the government to restructure the country,” said the NDA.

WTI light sweet crude oil was up 10 cents at $64.05 a barrel.

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