Oil pulled back to below $65 today after a hefty rise in crude stocks in the United States erased an earlier rally fuelled by repeated attacks on Nigeria's oil industry.
This afternoon London Brent crude was down 56 cents at $64.98 a barrel, off a session high of $66.14. US crude was down 90 cents at $61.36.
Weekly data showed US crude oil stocks increased by 5.6 million barrels, far exceeding analyst expectations for a 400,000 barrels build.
Earlier today, Brent had climbed steeply, adding to the previous day's $1.10 gain, as investors digested the latest attacks in Nigeria, the world's eighth-largest exporter, where 28% of oil output is already shut.
Yesterday, rebels belonging to the Movement for the Emancipation of the Niger Delta (MEND) blew up three oil pipelines, forcing Italian firm Eni to halt production of 150,000 barrels per day (bpd).
