IPE Brent falls lower on possible end to Nigerian violence

London (Platts)--29Sep2004

Crude oil prices on London's International Petroleum Exchange drifted lower on
reports that Nigerian hostilities could be nearing a conclusion and as dealers
waited for the publication of the weekly US Department of Energy inventory
report, traders said. "Prices fell initially on reports that the rebel leader
was meeting the Nigerian President in Abuja," an IPE dealer said. 

Front-month
November Brent future fell 28 cts from Tuesday's close to stand at $46.17/bbl,
or just above the intra-day lows by 0957GMT. "There has been some light
trading in the open outcry session, but the real action is going to be delayed
until the US stock figures come out," an IPE Brent dealer said. The US DOE is
due to publish its weekly report at 1430 GMT. Oil prices hit record highs in
London and New York Tuesday despite assurances by Saudi Arabia of additional
production capacity and the ability to increase production to around 11-mil
b/d.

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