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Oil prices rise as Nigerian election concerns linger

LONDON: World oil prices firmed on Monday as concerns lingered over crude production in Nigeria, the worlds sixth biggest exporter of oil, following disputed elections in the country.

In London, the price of Brent North Sea crude for June delivery gained 83 cents to 67.32 dollars per barrel in electronic trading.

New Yorks main oil futures contract, light sweet crude for delivery in June, rose 40 cents to 64.51 dollars per barrel in electronic deals before the official open of the US market.

Crude futures were higher this morning, with investors concentrating on Nigerias elections held over the weekend, said analyst Michael Davies at the Sucden brokerage in London. However, international and local observers said these elections were compromised by ballot stuffing, lack of voting papers and outbreaks of violence, which could mean further violence if the election results are disrupted.

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Rupee ends sharply higher

MUMBAI: The rupee sustained rally for the second consecutive day and on Friday ended at 44.2150/2250 against dollar, up by another 12 paise over last close of 44.3350/3450 following heavy exporters dollar sales amid negligible capital inflows.

In volatile trade at the Interbank Foreign Exchange (forex) market, Indian unit surged against dollar despite a sharp fall of 164 points or 1.26 per cent in equity markets. The local currency fluctuated in a wide range of 44.2150 and 44.3600 during the day but surprisingly, discounted its correlation with the equity market.

Exporters were selling dollar heavily in a bid to cover their positions at the current levels, a forex dealer said. Drawing support initially from improving Asian currencies which moved upwards against dollar after being knocked during recent global stocks meltdown, the rupee advanced strongly despite negligible dollar supplies after consistent outflows, commented a leading banker.