Union leaders said on Saturday the national oil company had suspended the strike, which had begun two days earlier, after the government agreed to a pay rise and other benefits, although oil traders will remain anxious over the country"s exports.
London Brent crude for July fell 40 cents to $70.29 a barrel by 0256 GMT, after resisting most of the
Although electronic trading of both U.S. and European oil contracts runs as normal on Monday, dealers anticipated thin liquidity given the U.K. bank holiday and the U.S. Memorial Day, which marks the start of the summer holiday season.
In
"I"d expect the effect to be marginal," said David Moore, commodities strategist at Commonwealth Bank of
"Currently there are a number of factors that threaten potential disruptions to oil supplies from
Output from the world"s eighth-largest exporter is already down a quarter after an 18-month campaign of militant attacks against Western oil installations.
On Friday gunmen kidnapped nine foreign oil workers and a Nigerian colleague from a ship off the coast of
NYMEX gasoline led the complex"s gains on Friday with a 2 percent or nearly 5-cent-a-gallon rally, and prices rose another 0.63 cents to $2.4100 a gallon early on Monday, with dealers edgy as stockpiles languish below seasonal norms.
Record high pump prices of $3.23 a gallon are not expected to have deterred holidaymakers from their summer road trips over the Memorial Day weekend, according to motoring group AAA, which expects a 1.8 percent rise in long-distance travelers.
Crude oil speculators boosted their net long positions by more than a fifth over the week ended May 22, U.S. regulatory data showed. Gasoline speculators marginally trimmed their length.
PIN/REUTERS
Your Comment