Oil prices steady above $137 as market eyes Nigeria supply disruptions, Iran sanctions

Oil prices steadied above US$137 a barrel Tuesday, supported by concerns over supply disruptions out of Nigeria and new European Union sanctions against Iran. Investors are closely watching developments in Nigeria, but are not convinced that lost oil production in Africa's largest oil producer will resume anytime soon, analysts say. Royal Dutch Shell PLC said Thursday it cannot meet contractual obligations to export oil from a Nigerian oil field following a militant attack, and news reports say Chevron Corp. has been forced to shut down a Nigerian oil facility, also after a militant attack. Chevron's workers in Nigeria also reportedly walked off the job Monday after talks with the company over staffing levels broke down. "Markets are still concerned about oil supply, particularly after disruptions last week in Nigeria," said... [read full story]