• IPE Brent futures in London took a downturn Friday as the market reacted to news that Nigerian shut-in production may resume within one month, traders said.
• Nigerian oil minister Edmund Daukoru said Friday that most of the 550,000 b/d currently shut-in should be back onstream within a month. The minister was speaking on the sidelines of a Petrostategies oil and gas conference in Paris.

• A spokesman for Daukoru also said Shell's EA shallow water field is expected to resume production of 120,000 b/d within the next week. He said the field is ready to resume production but Shell was been cautious about the restart. Despite the bearish news, crude futures continue to track the NYMEX unleaded futures, the current market driver at the start of the US driving season. "Gasoline is down but still holding steady with regard to spreads. With this the intermonth spreads on Brent futures have barely changed from yesterday and that is a reflection of how quiet the market is," a trader said.

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