The New York Mercantile Exchange crude oil futures Wednesday reversed a three-session decline, Nigeria supply worries emotional impact of the decline in crude oil prices break through 136 U.S. dollars per barrel.
The New York Mercantile Exchange, light sweet crude July contract settled up 2.67 U.S. dollars to 136.68 U.S. dollars a barrel, or 2 percent. ICE Futures Exchange in August Brent crude-oil futures contract settled up 2.72 U.S. dollars to 136.44 U.S. dollars a barrel.
Chevron (Chevron Corp.) Management with the Nigerian subsidiary of white-collar employees union negotiations continue, because from the strike deadline draws near, crude oil futures prices rose. A trade union executives to Dow Jones Newswires (Dow Jones Newswires) said that in order to prevent the strike, trade unions and the management will continue negotiations Thursday. Reuters (Reuters) earlier reported that a management union said negotiations had broken, caused oil traders worry.
According to IEA (International Energy Agency) data, Nigeria last month, producing 1.9 million barrels of crude oil of the world's total supply of 2.2 percent. Sabotage and turmoil in Nigeria has forced the closure of more than 500,000 barrels a day capacity, to rising oil prices. U.S. refineries preference for crude oil produced by Nigeria, as such makes it easy for refining crude oil for gasoline and other light oil products.
In addition, the market may be implemented this summer Saudi Arabia's oil production scale and time is of concern. Saudi Arabia Sunday in the coastal city of Jeddah will hold a meeting, to invite government officials and industry factors affecting oil prices were discussed.
Many people in Saudi Arabia is expected to be announced the day after at least 200,000 barrels, but the leaders of Saudi Arabia in public places has been evading the issue.
Near the front-month July heating oil futures contract settled up 3.78 cents to 3.8600 U.S. dollars per gallon, or 1 percent. July RBOB gasoline futures contract settled up 4.88 cents to 3.4667 U.S. dollars per gallon, or 1.4 percent.