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Oil prices up on Nigerian strike threat

By JOHN WILEN, AP Business Writer Mon Jun 18,
3:08 PM ET

NEW YORK - Oil closed above $69 a barrel and gasoline futures also rose
Monday after Nigerian oil unions called a strike for this week.

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Retail gas prices, meanwhile, continued their decline despite analyst
predictions Friday that they would fall no further.

Nigerian oil unions called a general nationwide strike to begin Wednesday in
protest of a government price hike on automobile fuel. Also supporting energy
prices were attacks on two Nigerian oil facilities by angry villagers and
gunmen, which cut oil output.

"You've got kind of a double-whammy out of Nigeria," said Kevin Saville,
managing editor for the Americas energy desk at Platts, the energy research arm
of the McGraw-Hill Cos.

Nigeria was the third-biggest exporter of oil to the U.S. in March, behind
Canada and Mexico, with an average of 1.35 million barrels a day, according to
Energy Department statistics.

Light, sweet crude for July delivery rose $1.09 to settle at $69.09 a barrel
on the New York Mercantile Exchange.

Gas futures for July rose 0.42 cent to settle at $2.2643 a gallon on the
Nymex. At the pump, gas prices fell 0.3 cent overnight to a national average of
$3.005 a gallon, according to AAA and the Oil Price Information Service. Retail
gasoline has fallen 22.2 cents from its late May peak.

In other Nymex trading, heating oil futures rose 2.36 cents to settle at
$2.0342 a gallon, while natural gas prices fell 22.8 cents to settle at $7.69
per 1,000 cubic feet.

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RELATED QUOTES

MHP

69.96

+0.68

^IXIC

2616.96

+17.00

^GSPC

1522.19

+9.35

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