OGJ Newsletter

10/13/2003
Market MovementOil market dodges Nigerian strikeFor now, oil markets have dodged the bullet of a Nigerian supply outage.Oil futures prices slipped in early trade Oct. 9 on the International Petroleum Exchange in London, after oil workers in Nigeria called off a general strike slated to begin that day. Fears that a strike would disrupt world oil supplies pushed Oct. 8 futures prices for light, sweet crudes on the Tokyo Commodity Exchange above $30/bbl to the highest level in 6 months.The proposed 2-week strike to protest increased retail fuel prices in that country was cancelled after retail marketers agreed during last-minute negotiations to revert to previous lower prices. Officials from...
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