Commodities: Production problems boost oil
Oil rose just under a dollar Thursday, its first improvement in three days, as dealers noted production issues in Nigeria and the North Sea.
US light crude for March delivery closed 97 cents higher at $88.11 a barrel on the New York Mercantile Exchange, although gains were capped by worries about the US economy.
Output of some 130,000 barrels a day has been stopped in Nigeria by oil major Royal Dutch Shell due to a leaky pipeline. Total shut off 280,000 barrels in the North Sea Wednesday.
Prices have been moving steadily lower in recent weeks as each day brings further signs of trouble in the US economy, with a recession likely to dampen demand for the black gold.
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On the metal markets, gold added to midweek gains as ongoing speculation about further supply problems out of South Africa had investors in buying mood.
Gold for delivery in April added $5 to $910 an ounce in New York as miners in South Africa remain under threat of more power cuts, with the state-run supplier struggling to meet demand.
In addition, AngloGold Ashanti said the power shortage will account for an estimated reduction of around 400,000 ounces of gold in 2008, assuming a sustainable 90% power supply is achieved for the rest of the year.
Elsewhere, silver, platinum, palladium and copper all pushed higher.
