End of Nigerian Labor Strike Spurs Drop in Oil Prices
NEW YORK --- Oil prices fell more than $1 a barrel today after news spread that Nigerian labor unions had ended a strike over the weekend. On the New York Mercantile Exchange, light, sweet crude for August delivery dropped $1.04 to $68.10 a barrel. Gasoline for July dropped 0.42 cent to $2.2824 a gallon. In addition, the Associated Press reported, August Brent crude fell 90 cents to $70.28 a barrel on the ICE Futures exchange in London.Overnight, the average national price of a gallon of gas at the pump dropped 0.3 cent to $2.978 a gallon, according to AAA and the Oil Price Information Service.