The oil price moved closer to $50 a barrel for the first time since November, on growing supply disruptions in Nigeria and a more positive assessment of the market from Goldman Sachs, the most bearish of leading commodity banks.
Militant threats to pipelines in Nigeria, an important Opec producer, are the latest fillip for an oil price that has also benefited from a booming petrol market and rising demand in India.
Anxiety over supply has also been fanned after Nicolás Maduro, Venezuelan president, announced plans on Friday to extend his government’s emergency powers — a reminder to investors of the deepening political instability in another Opec member.
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