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Oil sets new high as Nigeria problems continue

Oil futures have set new record highs above $122 a barrel, amid continuing attacks on Nigeria's oil infrastructure.

Over the weekend, Royal Dutch Shell, which is losing 164,000 barrels a day of crude output in Nigeria, Africa's largest producer and an important US supplier, reported another militant attack on a pump station. US WTI crude futures for June delivery rose to a record $122.73 a barrel on Tuesday, easing slightly to around 122/b on Wednesday. Brent June futures, meanwhile, were around $120/b on Wednesday. There were, however, some reasons for optimism. ExxonMobil's Nigerian production, amounting to 0.8m barrels a day, has now reached normal levels, according to a local company source. Operations restarted on Friday, enabling the company to lift force majeure on crude loadings. The shut-i

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