Search Site: OnlineNigeria

Close






Crude oil prices rise on concerns over labor unrest in Nigeria

Posted by Xinhuanet on 2004/11/25 | Views: 318 |

Crude oil prices rise on concerns over labor unrest in Nigeria


Crude oil futures gained Friday as traders worried that labor unrest in Nigeria might cause fresh supply disruptions.

NEW YORK, Oct. 29 (Xinhuanet) -- Crude oil futures gained Friday as traders worried that labor unrest in Nigeria might cause fresh supply disruptions.

On the New York Mercantile Exchange, crude oil for December delivery rose 86 cents to settle at 51.76 dollars a barrel. On London's International Petroleum Exchange, the December Brent crude-oil futures contract gained 61 cents to end at 48.98 dollars per barrel.

The main labor body in Nigeria, the sixth-largest OPEC crude producer, said a general strike was likely after it rejected a plan to quell anger over fuel prices in the country.

"What the government has done is to do nothing, therefore labor will meet with its coalition allies on Sunday and announce the date of a fresh strike," Owei Lakemfa, spokesman for the Nigeria Labor Congress Agence France Press.

"Everybody's just so nervous at this point with the Nigeria situation," said an American oil broker.

In a research report, economists at Citigroup Global Markets Inc. said the surging energy prices might increase consumer's fuel bills by 60 billion dollars and might subtract as much as 0.9 percentage point from fourth-quarter growth.

The Commerce Department said Friday that GDP rose 3.7 percent for third quarter, less than the 4.3 percent rise economists had expected. Enditem

Read Full Story Here.... :
Leave Comment Here :



Add Comment

* Required information
1000
Captcha Image

Comments (13)

Gravatar
New
Ikheloa Ezekiel(Ekpoma, Edo, Nigeria)says...

Ikheloa is a Nigeria native name it given to people from esan in edo state which means caretaker

Gravatar
New
Willemsays...

No freaken way, how the hell do i hear the airtime balance update on my phone from the other caller, or maybe it was put on loudspeaker

Gravatar
New
Ulunma akor(Imo, Lagos, Nigeria)says...

Ulunma means beautiful second daughter

Gravatar
New
PAPA JAMES(US)says...

Do You Need A Powerful Africa Native Doctor? I Mean A Spiritual Herbalist

With Great Spirit Connected To Ancestors. Call +2349053014785 Dr omonzokpia

James Is A High Voodoo Priest Master. He is a Spell Caster, Native

Doctor, Spiritual Herbalist, Powerful Sickle cell Healer, Spiritual

Astrologer, Psychic Reader, Multi Guru, Witch Doctor, Priest Of Africa

Money Ritual

Gravatar
New
Kim Worley(Greeley, Colorado, US)says...

I heard this in a song and had no idea what it meant. Googled it and this came up. Very Cool. ????????????????