World oil prices rose above $61 this afternoon, gaining from news of a slide to stocks of US petrol, and amid tensions in crude producers Iran and Nigeria that may further affect supplies.
US crude was up 12 cents at $61.07 a barrel on Friday evening. It earlier hit $61.80, the highest level since 26 December, taking gains for the week to $3.66 or 6.3%. London Brent crude was up 38 cents at $61.00.
As the market approaches the second quarter, where demand for heating oil is traditionally lower, focus has switched towards petrol.
Yesterday's weekly inventory report from the US Department of Energy (DoE) showed that petrol inventories fell by 3.1 million barrels last week to 222.1 million in the week ending February 16.
Another boost to prices today came from a report by the International Atomic Energy Agency (IAEA) last night which declared that Iran, one of the world's biggest producers of crude, had failed to suspend uranium enrichment.
Oil traders were tracking also fresh unrest in Nigeria, which is Africa's biggest producer of crude.
