New Nigerian developments keep crude prices mixed

Crude oil prices were mixed on Thursday after a promised strike of oil and shipping terminal workers began on Wednesday. In addition, Nigerian troops freed hostages and killed 12 militants at an oil facility in the Niger Delta Thursday. Meanwhile, Wednesday’s latest US inventories figures from the Energy Information Administration led the Organization for Petroleum Exporting Countries to reiterate its position that it will not raise production quotas.

Brent crude was 10 cents higher to $70.52 per barrel on the Intercontinental Exchange, while at mid-afternoon in New York West Texas Intermediate crude was down 21 cents to $68.65 per barrel on the New York Mercantile Exchange. Gasoline futures were 2 cents higher to $2.25 per gallon, but heating oil had dropped a cent to trade at $2.03 per gallon and natural gas futures were down 3 cents to $7.57 per million British thermal units.