Oil prices hit 102 dollars per barrel

0 Comments | AFP, April, 2008

LONDON (AFP) — World oil prices rose on Wednesday, snapping a three-day run of losses to breach 102 dollars per barrel as traders looked to fresh supply news in key crude producer Nigeria.

New York's main oil contract, light sweet crude for delivery in May, rose 86 cents to 101.84 dollars per barrel, after earlier touching 102.18.

London's Brent North Sea crude for May rose 73 cents to 100.90 dollars per barrel.

Anglo-Dutch energy group Shell said fire was raging on two supply pipelines in restive Ogoniland in southern Nigeria on Wednesday, but assured that oil exports had not been disrupted.

"We are trying to put out the fire, but we have not been able to have access. The good news is that production is not affected," Shell spokesman Tony Okonedo...