Oil prices climbed to fresh peaks for 2016 for the third day in a row on Thursday due to supply disruptions in Nigeria and data showing lower US petroleum inventories. The Niger Delta Avengers, a rebel group that has attacked numerous oil facilities in Nigeria, rejected a truce offer with officials and claimed they hit a new target.
The disruptions have slashed output in OPEC member Nigeria from 2.2 million barrels a day to 1.6 million barrels a day. US benchmark West Texas Intermediate for July delivery advanced 87 cents to $ 51.23 a barrel on the New York Mercantile Exchange.
Brent North Sea oil for August delivery gained $1.07 to $52.51 a barrel in london. US inventory data confirmed a tightening market picture, with US commercial stocks dropping by 3.2 million barrels for the week ending June 3, according to the Department of Energy.