Oil sinks as Nigeria production rises

Oil prices fell sharply yesterday as news of increased production from Nigeria and a jump in overall Opec output stoked fears of the crude surplus persisting on the global market.London benchmark Brent crude for August delivery finished the day down 4.3 % at $47.96 a barrel.In New York, the West Texas Intermediate contract for August delivery lost 4.9 % to $46.60 a barrel.