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The price of crude oil surged back above $71 (£42.66) a barrel on Monday as fresh militant attacks on oil facilities across Nigeria exerted upward pressure on the market.
US crude for August delivery settled at $71.76 a barrel - up $2.60, or nearly four per cent, on the previous day. London Brent crude settled up $2.33 at $71.25 a barrel.
The gains came on the back of a strong day on the US stock market as investors remained optimistic about a potential economic recovery, but the conflict in Nigeria proved the main factor behind the price hike.
Rebel fighters attacked an oil facility belonging to global energy giant Royal Dutch Shell, forcing production in the oil-rich Niger delta to be cut and raising concerns over future supply.
Despite the rise in prices, there was good news for home heating oil customers as the International Energy Administration predicted that oil demand would grow by just 0.6 per cent over the next five years.
This was down from last year's forecast of 1.6 per cent growth between 2008 and 2013, and is likely to limit any price hikes in the near future.
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