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Oil prices were mixed Wednesday, as expectations that U.S. inventory data would show an increase of crude and gasoline supplies were tempered by worries about disruptions in Nigeria.
Prices plunged more than $2 a barrel a day earlier, as developments with major producers Iran and Nigeria eased some geopolitical concerns.
Light, sweet crude for July delivery added 13 cents to $63.28 a barrel in electronic trading on the New York Mercantile Exchange by afternoon in Europe, while Brent crude for July fell 56 cents to $67.78 a barrel on the ICE Futures exchange in London.
Markets were unsettled on word that 150,000 barrels of daily output had been cut from Royal Dutch Shell's production in Nigeria after protests by local youths, but Shell said later that it had begun restoring oil production.
A day earlier, though, the Nymex July crude contract dropped $2.05 to settle at $63.15 a barrel on hopes that the inauguration of a new president in OPEC member Nigeria would contribute to a stable supply from the Niger Delta region.
"The $2 drop yesterday is not necessarily the beginning of a downward trend, so some market participants view the moment as a buying opportunity," said Victor Shum, energy analyst with Purvin & Gertz in Singapore.

Labels: ICE, Nigeria, Nymex, Oil Prices, RDS-B