Oil prices jump on Venezuelan, Nigerian supply fears

0 Comments | AFP, February, 2008

NEW YORK (AFP) — Oil prices moved sharply higher Monday after Venezuelan President Hugo Chavez threatened to cut oil sales to the United States and as traders tracked fresh unrest in Nigeria.

The threat from Chavez, who has made such threats before, boosted prices even as analysts downplayed the chances of Venezuela actually slashing crude exports in its dispute with US oil giant ExxonMobil Corporation.

New York's main oil futures contract, light sweet crude for delivery in March, closed up 1.82 dollars at 93.59 dollars per barrel.

In London, Brent North Sea crude for March settled up 1.59 dollars at 93.53 dollars.

"The key issue influencing market sentiment seems to be the ongoing spat between the US and Venezuela, which has escalated in the past...