Crude oil falls on weaker euro, Nigeria protests suspended

13 January 2012 15:55  [Source: ICIS news]

LONDON (ICIS)--Crude oil futures fell by more than $1/bbl on Friday after the euro weakened against the dollar and reports that Nigeria’s trade unions have suspended strike action for the weekend.

By 14:30 GMT, the front-month February ICE Brent contract had hit a low of $109.71/bbl, a loss of $1.55/bbl against the Thursday settlement of $111.26/bbl. The contract subsequently recuperated some of the losses to trade around $110.44/bbl.

At the same time, the February NYMEX WTI contract was trading around $98.37/bbl, having hit an intraday low at $97.88/bbl, a loss of $1.22/bbl compared with the settlement on Thursday of $99.10/bbl.

According to reports, Nigerian unions on Friday suspended protests surrounding the removal of popular fuel subsidies, in order to allow more talks with the government.

However, the unions have said that if no agreement is reached, strikes would resume next week, reports said.

By: Kawai Wong
+44 20 8652 3214

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