Oil prices rise as Nigeria pipeline attacks cut output

Oil prices rise due to Anglo-Dutch energy giant Royal Dutch Shell cut output in Nigeria after militants sabotaged at least one of its pipelines supplying crude. Prices also climbed as the market tracked developments over a disputed nuclear programme being run by Iran, a major exporter of oil. Brent North Sea crude for September delivery climbed 42 cents to $124.94 a barrel, though off earlier highs of above $126 as profit-taking set in. New York's main contract, light sweet crude for September, advanced by 36 cents to $123.62 a barrel.