Oil Declines After Nigeria Meets Union Demands for Pay Raises, Strike Ends

(Bloomberg) -- Crude oil fell as much as 1.3 percent
in New York after oil workers in Nigeria, the biggest producer in
Africa, ended a two-day strike.

The government met union demands for higher pay, Lumumba
Okugbawa, deputy general secretary of the Petroleum & Natural Gas
Senior Staff Association of Nigeria, said in Lagos today. The
West African nation is losing more than 600,000 barrels of output
a day because of violence, kidnappings and damage to facilities.


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