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Crude Prices Rose After Attacks Possibility in Nigeria

Crude prices rose above $59 a barrel in New York

Crude prices rose above $59 a barrel in New York after the United States warned that militant attacks in Nigeria, Africa's biggest oil producer, may expand to new areas and become more violent.

A Nigerian militant group is planning to broaden attacks beyond the Niger Delta region, according to a statement from the U.S. consulate in Lagos. Nigeria is the fifth-biggest U.S. oil supplier. Refineries in Pennsylvania, Delaware and Ontario have slowed output last week because of fires and power outages.

Crude oil for March delivery rose $1.04 or 1.8 per cent, to $59.03 a barrel at 12.48 p.m. on the New York Mercantile Exchange on Friday. Futures touched $59.22. Prices were down 1.4 per cent last week and were one per cent higher than a year ago.