FRONTMONTH crude futures on NYMEX opened 62 cents higher at $98.65/barrel, yesterday, after hitting an all-time high of $99.29 per barrel in overnight trading amid report that Royal Dutch Shell PLC, parent company of Shell Companies in Nigeria (SCiN), was considering selling its stake worth $900 million (about N108 billion) in two offshore oil blocks in the country to cushion the effects of rising cost as it restructures and reduces its business in the troubled Niger Delta.
The continued weakness of the US dollar and expectations of tight inventories were supportive of the rally.
...
AllAfrica Subscription Content
You must be an allAfrica.com subscriber for full access to certain content.
You have selected an article from the AllAfrica archive, which requires a subscription. You can subscribe by visiting our subscription page. Or for more information about becoming a subscriber, you can read our subscription and contribution overview.
For information about our premium subscription services:
You can also freely access - without a subscription - hundreds of today's top Africa stories and thousands of recent news articles from our home page »
Already a subscriber? Sign in for full access to article