LONDON: Oil prices diverged on Wednesday following another large rise in US crude inventories that offset supply disruptions in Libya and Nigeria.
New York's main contract, West Texas Intermediate for delivery in May rose 71 cents to $99.90 a barrel.
Brent crude for May fell 23 cents to stand at $106.76 a barrel in late London deals.
"Prices are finding support on the one hand from the interruptions and risks to production. On top of the continued decline in Libyan production there is now the latest escalation of violence and suspension of delivery... due to a pipeline leak in Nigeria."
He added: "At the same time, the still ample supply situation and poor economic development in the emerging economies argue against any sustained price rise. Meanwhile, crude oil stocks are being built up in the US."
The US Department of Energy on Wednesday said that American crude reserves had jumped by 6.6 million barrels last week, far more than had been expected by the market.
Offsetting higher supplies is unrest in Libya, where rebels pressing for autonomy for the country's eastern Cyrenaica region have been blockading oil terminals since July.
That has led to a decline in exports from 1.5 million barrels a day to just 250,000.
Elsewhere, Anglo-Dutch oil giant Shell on Wednesday said it had declared a "force majeure" on crude oil exports from Nigeria as it struggles to repair a sabotaged pipeline.
"Force majeure" is a legal term releasing a company from contractual obligations when faced with circumstances beyond its control.
Nigeria is Africa's biggest oil producer, accounting for more than two million barrels per day.
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