"I think a lot of people are contemplating what happened on Friday and how this current week may go. The small moves this morning seem pretty logical especially with no news to affect prices,"
a London-based broker said about crude futures market Monday. Last Friday, global crude futures lost over $2/b in value as fears receded over cyclone Gonu affecting oil infrastructure, production and shipping in the oil rich region of the Middle East. Technical selling also pushed prices through important resistance levels and large drops in equity markets and metal prices added to the bearish picture.

"Both the Nigeria Labour Congress and the Trade Union Congress have given the Federal Government until June 18 to reverse the fuel price increase or face a nationwide strike"
said Lumumba Okugba deputy secretary general of the white collar Pengassan oil union. Nigeria oil workers have been put on notice to join a nationwide strike called by labor groups to protest a recent hike in fuel prices.

Updated: June 11, 2007