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Oil hovers around $60 a barrel

Oil hovered around $60 a barrel in Asian trade as investors bought into the market after prices sank to near eight-week lows last week, analysts said.

business Updated: Jul 13, 2009 10:24 IST

Oil hovered around $60 a barrel in Asian trade on Monday as investors bought into the market after prices sank to near eight-week lows last week, analysts said.

Fresh attacks by Nigerian rebels on oil facilities also helped nudge prices higher, they said. Nigeria is one of Africa’s major crude exporters.

New York’s main contract, light sweet crude for delivery in August was trading at $59.97 a barrel in Asian morning trade, up eight cents from its close in US trade on Friday.

The contract dipped to $58.72 in intraday trade Friday, the lowest level since May 18.

Brent North Sea crude for August delivery was up 12 cents to $60.64.

“Investors are buying because oil has come down so fast and fell to an eight-week week low last week,” said Victor Shum, an analyst with energy consultancy Purvin and Gertz in Singapore.

“There is another factor, which is some disruption in output in Nigeria. That may have also prompted some buying.”

Nigeria’s main rebel group, which has previously targeted oil facilities in the country’s south, claimed responsibility for an attack late Sunday on the Atlas Cove Jetty in Lagos -- its first strike in the country’s economic heart.