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Oil rises on threatened Nigeria strike, short covering

Reuters  |  NEW YORK 

By Scott DiSavinoNEW YORK (Reuters) - Oil prices climbed more than 1 percent on Thursday due to a threatened strike in Nigeria and as traders cover shorts after sharp losses the previous day brought on by an unexpectedly large rise in U.S. stocks of refined fuels."Short covering in the market, together with the threat of a strike by Nigeria's key oil union, has provided some support to oil prices in today's session," said Abhishek Kumar, senior energy analyst at Interfax Energy's Global Gas Analytics in London.One of Nigeria's main oil unions threatened to go on strike from Dec. 18 over what ...

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First Published: Fri, December 08 2017. 01:50 IST
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