Crude oil rose to $98 on forecasts U.S. stockpiles fell for a seventh week and concern violence may further cut output in Nigeria, Africa’s biggest producer.

Nigerian militants killed 12 people in the southern oil city of Port Harcourt yesterday. Violence has already cut production by about 500,000 barrels a day. A U.S. government report tomorrow will show a drop in crude supplies last week, from their lowest in three years, a Bloomberg survey showed.

(Bloomberg)