Light, sweet crude for July delivery dropped 36 cents to $64.84 a barrel in electronic trading on the New York Mercantile Exchange midmorning in
Nigerian labor union officials ordered oil workers back to work Saturday after the government agreed to a 15 percent raise for all employees of the Nigerian National Petroleum Company. The unions began the strike Thursday and threatened to target exports in hopes of reversing the sale of government refineries.
"The market is primarily adjusting to the news over the weekend that the Nigerian oil strike ended, and so one factor that had been threatening the market was removed," said Victor Shum, energy analyst with Purvin & Gertz in
PIN/Mercurynews.Com
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