Oil prices rise as ExxonMobil suspends Nigerian exports – The Cable

Oil prices were on the rise across the international market as ExxonMobil announced the suspension of exports from the Qua Ibo crude oil terminal on Friday.

West Texas Intermediate crude rose by 50 cents on Friday to trade at $46.07 per barrel, while Brent crude surged from $45.68 on Thursday to $47.79 on Friday afternoon.

ExxonMobil, a subsidiary Mobil Producing Nigeria declared force majeure – a legal clause that allows it to stop shipments without breaching contracts – on exports from Nigeria’s largest export stream.

Todd Spitler, the firm’s spokesman, said the decision to declare force majeure was due to “a system anomaly observed during a routine check of its loading facility”.

He suggested that the declaration was in no connection to militant attack in the Niger Delta region, with no definite date of returning to normal activities.

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