Crude Oil Falls 1.3% in New York as Nigerian Workers End Strike

Crude oil fell as much as 1.3 percent in New York after oil workers in Nigeria, the biggest producer in Africa, ended a two-day strike.

The government met union demands for higher pay, Lumumba Okugbawa, deputy general secretary of the Petroleum & Natural Gas Senior Staff Association of Nigeria, said in Lagos today. The West African nation is losing more than 600,000 barrels of output a day because of violence, kidnappings and damage to facilities.

``The Nigerian headlines are driving the market lower,'' said Akira Kamiyama, an oil trader at Mitsui & Co. in Tokyo. ``The reaction to the news was quite fast as we can see with the selldown.''

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- Posted: 2007-05-28 10:06:20

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