Crude oil higher on supply concerns

Crude oil prices were up on Tuesday on new concerns about supply from Nigerian and Iraq.  In Iraq, the oil minister said that exports out of Iraq to Turkey via a northern pipeline will not resume for as much as a year after sabotage attacks on the line.  Exports from Iraq were down to around 1.1 million barrels per day in December and January, the lowest in three years.  The oil minister said that exports should be back up to around 1.5 million barrels per day in March.

Meanwhile, in Nigeria, the president there said he would call meetings with militant groups from the Niger Delta region next month to discuss issues that have led the rebels to carry out attacks that have shut down one-fourth of Nigeria’s production capacity.  The militants have threatened more sabotage.

In late afternoon trade on the International Petroleum Exchange in London, Brent crude for May delivery was up $1.25 to $64.86 per barrel.  May contract West Texas Intermediate had risen $1.14 to $65.30 per barrel by mid-morning on the New York Mercantile Exchange.