OGJ Newsletter

Market MovementOil futures prices fall with increased US inventoriesDespite continued uncertainty over oil supplies from Nigeria and Iraq, oil futures prices dipped last week after the US Department of Energy and the American Petroleum Institute reported increases in total US inventories of crude and primary petroleum products.Traders on the New York Mercantile Exchange were reassured when the Nigerian Labor Congress called off a strike scheduled for Apr. 1 (OGJ Online, Apr. 2, 2003). Although that did not restore the previous loss of 40% of Nigeria's oil production, many saw it as a sign that a resolution could come soon. Fighting between ethnic groups in the Niger Delta prompted mul...

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