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Oil prices climb after Nigerian abductions
World oil prices resumed its upward trend as it was revealed that three Filipino oil workers had been abducted in southern Nigeria. New York's main contract, light sweet crude for delivery in September, rose by 22 cents to 75.68 dollars per barrel in electronic deals before the official opening of the US market. And in London, Brent North Sea crude for September delivery gained 45 cents to 77.01 dollars per barrel in electronic trading.
Three Filipinos were abducted around Port Harcourt a day after a German national had been kidnapped, an oil industry source said. Port Harcourt is at the heart of the oilrich but restive Niger Delta region where several oil firms have their operational bases. So far, no
group has claimed responsibility for the latest kidnappings, which come after a series of hostagetakings that have rocked Nigeria.
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Since January, attacks on oil facilities and personnel by separatist militants and communities have risen in the region, cutting oil exports by one quarter from Nigeria, which is the world's sixth-biggest oil exporter. Oil prices are under pressure from indications that economic growth in the United States, the world's biggest energy user, would slow.
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A report from the Institute for Supply Management (ISM) said the US economy's pivotal services sector weakened in July as the ISM index slipped to 54.8 percent from 57.0 percent in June. Services make up the lion's share of activity in the world's biggest economy. And that was less than Wall Street's consensus target of 56.5 percent.
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