NEW YORK (AFP) — Oil prices were mixed Friday as global supply concerns were stoked by lingering fears over problems in Nigeria and Venezuela, traders said.
The concerns offset a gloomy warning a day earlier from US Federal Reserve chairman Ben Bernanke, who predicted "a period of sluggish growth" ahead for the energy-hungry American economy.
New York's main oil futures contract, light sweet crude for delivery in March, closed up a slight five cents at 95.50 dollars a barrel.
In London, Brent North Sea crude for March delivery settled down 53 cents at 94.63 dollars.
"Frequent supply disruptions ... and a broader sense of supply insecurity brought about by tense relationships between producers and consumers are factors explaining the remarkable strength in oil prices," said Barclays Capital analyst Kevin Norrish.
Oil prices strengthened at the start of the week after Venezuelan President Hugo Chavez threatened to halt oil deliveries to the United States.
The market bounced even higher after Venezuela's state petroleum company PDVSA suspended oil supplies to ExxonMobil after the US energy giant unleashed a legal campaign to freeze billions of dollars in global PDVSA assets.
The move came after ExxonMobil, the world's biggest energy company, secured international court orders freezing up to 12 billion dollars in PDVSA assets.
"The ongoing saga between Venezuela and Exxon continued to support oil prices," said Sucden analyst Nimit Khamar.
"This situation has increased the geopolitical risk premium and reminded the market that there are plenty of ongoing factors that could trigger a sharp spike higher," he said.
ExxonMobil is seeking compensation after Venezuela nationalized oil assets in the Orinoco basin, including former ExxonMobil operations.
In Nigeria, meanwhile, ongoing unrest has rekindled market worries over production from Africa's largest crude oil producer.
Instability and violence resulted in Nigeria's oil output being slashed by a quarter in 2007.
The International Energy Agency meanwhile has forecast that the world oil market could be set for a lengthy slowdown after prices struck a record high 100.09 dollars at the start of January.
In Vienna on Friday, the OPEC oil cartel lowered its projections for growth of oil demand this year in response to a slowdown in world economic momentum.
The Organization of the Petroleum Exporting Countries in its February report said demand would likely grow by 1.43 percent this year rather than its previously estimated 1.52 percent.
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