Closures send oil prices higher

Crude oil prices were higher on Friday on issues ranging from continuing unrest in Nigeria to an upcoming announced closure of a North Sea oil field.

Brent crude for August delivery added 60 cents to $75.35 per barrel after going as high as $76.01 per barrel in morning trade on the Intercontinental Exchange.

August contracts for West Texas Intermediate crude was trading at $72.50 per barrel in afternoon trade on the New York Mercantile Exchange, a gain of 69 cents. WTI was as high as $72.94 earlier in the session.

Nymex August gasoline prices rose slightly, adding 1 cent to $2.30 per gallon, while Nymex September natural gas dropped 20 cents to trade at $6.53 per million British thermal units.

Statoil (OSE: STL; NYSE: STO) said that it will close its Statfjord A oil field for maintenance beginning on August 3, taking almost 300,000 barrels per day out of production.

With refineries in Kansas and Texas unexpectedly out of commission, BP (LSE: BP; NYSE: BP; TYO: 5051) said it will curtail some production for almost two weeks for repairs.

Worries also continue over militant activity in Nigeria even though a major group has spoken out against the kidnapping of a three-year-old British girl there. That kidnapping was just the latest in a series of such events.