Crude oil falls as Nigerian union calls off strike
Crude oil prices fell Monday as striking workers at Nigeria's Port Harcourt refinery called it off over the weekend.
By INDIATIMES NEWS NETWORK |
Crude oil prices fell Monday as striking workers at Nigeria's Port Harcourt refinery called it off over the weekend.
Workers at the Harcourt refinery had declared an indefinite strike Thursday, with unions threatening to target output if welfare issues were not addressed.
On Saturday, union leaders suspended the strike after the Nigerian government agreed to a 15% pay rise and severance benefits relating to the privatisation of the country's largest oil refinery.
Today in Singapore, light, sweet crude for July delivery fell 36 cents to $64.84 per barrel on the New York Mercantile Exchange. The contract had climbed over $1 to $65.20 per barrel Friday, ahead of the long weekend and beginning of summer in the US. London Brent crude for July delivery fell 40 cents to $70.29 per barrel.
US markets are closed today for Memorial Day.
The US government has predicted 13 to 17 tropical storms this year, with seven to 10 of them becoming hurricanes. Further, the likelihood of above normal hurricane activity is 75%, the National Oceanic and Atmospheric Administration said last week.
This could lead to rise in crude oil prices.
Workers at the Harcourt refinery had declared an indefinite strike Thursday, with unions threatening to target output if welfare issues were not addressed.
On Saturday, union leaders suspended the strike after the Nigerian government agreed to a 15% pay rise and severance benefits relating to the privatisation of the country's largest oil refinery.
Today in Singapore, light, sweet crude for July delivery fell 36 cents to $64.84 per barrel on the New York Mercantile Exchange. The contract had climbed over $1 to $65.20 per barrel Friday, ahead of the long weekend and beginning of summer in the US. London Brent crude for July delivery fell 40 cents to $70.29 per barrel.
US markets are closed today for Memorial Day.
The US government has predicted 13 to 17 tropical storms this year, with seven to 10 of them becoming hurricanes. Further, the likelihood of above normal hurricane activity is 75%, the National Oceanic and Atmospheric Administration said last week.
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This could lead to rise in crude oil prices.
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