Oil price off as Nigeria strike threat fades

LONDON – Oil retreated from a one-month high above US$59 yesterday after Nigerian unions suspended a strike in Africa’s biggest producer but forecasts for a blast of cold weather in top consumer the United States limited the drop.

US crude oil rose to a fresh one-month peak of US$59,36 a barrel in early trade. At 0909 GMT it was 29 cents down at US$58,74.London Brent crude fell 29 cents to US$58,12.”The ongoing cold weather in the US is still the biggest upside factor at the moment.We’re finally seeing a more normal climate in the Northeast so that will increase consumption in heating oil and hopefully result in lower inventory numbers,” said Andrew Harrington, an analyst at ANZ Bank.Nampa-ReutersAt 0909 GMT it was 29 cents down at US$58,74.London Brent crude fell 29 cents to US$58,12.”The ongoing cold weather in the US is still the biggest upside factor at the moment.We’re finally seeing a more normal climate in the Northeast so that will increase consumption in heating oil and hopefully result in lower inventory numbers,” said Andrew Harrington, an analyst at ANZ Bank.Nampa-Reuters