* Potential supply disruption from Nigeria and Brazil
* Iran tests more missiles in the Gulf
* Demand for additional Saudi crude in Asia in question
(Updates prices, adds comments on Saudi)
By Felicia Loo
SINGAPORE, July 11 (Reuters) - Oil jumped more than $1 to
around $143 a barrel on Friday, extending the 4 percent gains
in the past session, on heightened geopolitical worries in Iran
and Nigeria, as well as fears of supply disruption in Brazil.
U.S. crude <CLc1> rose $1.18 to $142.83 a barrel by 0733
GMT, after jumping $5.60 a barrel on Thursday.
London Brent crude was up $1.18 to $143.21 a barrel.
"There are continuing concerns over oil supplies over the
short term," said Gerard Burg of National Australia Bank in
Melbourne.
The market was worried about potential supply disruptions
from OPEC nation exporters.
The Movement for the Emancipation of the Niger Delta, the
main militant group in Nigeria's oil-producing region, said it
was abandoning a ceasefire to protest a British offer to help
tackle lawlessness in the region.
Rebel attacks on oil infrastructure in Nigeria, the world's
No. 8 exporter, partly bolstered crude prices to record highs
above $145 this month, adding to a nearly 50 percent rise in
prices this year.
Fuelling prices further, OPEC-member Iran tested more
missiles in the Gulf on Thursday, state media said, and the
United States reminded Tehran it was ready to defend its
allies.
Workers at Brazil's Petrobras <PETR4.SA><PBR.N> threatened
to launch a five-day strike next week that would affect all 42
Campos basin offshore platforms, which account for more than 80
percent of daily oil output of around 1.8 million barrels.
Further support came from the weak dollar, which fell on
Thursday, on renewed credit worries after capital concerns
dragged down shares in major mortgage finance sources Fannie
Mae and Freddie Mac. []
However, the dollar edged up versus the yen <JPY=> on
Friday, after a report the U.S. government is considering
taking over Fannie Mae and Freddie Mac if their condition
worsened, providing some relief to investors and boosting
stocks.
Investors have flocked to oil and other commodities this
year as a hedge against rising inflation and the weak dollar.
But the International Energy Agency on Thursday forecast
pressure on oil markets could ease next year as demand growth
slows, cutting the need for crude from OPEC.
Qatar Oil Minister Abdullah al-Attiyah said he saw no
demand for the additional crude that Saudi Arabia has pledged
to pump. Saudi Arabia, the world's top exporter, has promised
to step up production to its highest rate in three decades in
an effort to tame oil prices. []
The oil kingdom will supply full contracted volumes of
crude in August to East Asia, steady to July, as refiners
continued to shun extra barrels, sources with seven refiners
said on Friday. []
(Editing by Ramthan Hussain)
