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Friday, June 20, 2008

Oil falls below $136 as Nigeria strike averted
Oil fell on Thursday as supply concerns in Nigeria eased after the country's oil ministry prevented a potentially crippling strike by workers at Chevron.

But falling U.S. oil stocks and comments from the White House that Saudi Arabia was unlikely to raise output in the near term supported prices, which have climbed 40 percent this year.

U.S. crude fell 73 cents to $135.95 a barrel by 1:58 a.m. EDT, after settling up $2.67 at $136.68 a day ago on the Nigerian worries. London Brent crude slid 66 cents to $135.78.
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Economic Event Calendar

GMT+5:30 Event Vol. Actual Consensus Previous
Thursday, Apr 10
21:00 4-Week Bill Auction 1 4.245% 4.240%
21:30 USDA WASDE Report 1
21:30 Fed's Goolsbee speech 2
22:00 Fed's Harker speech 2
22:30 30-Year Bond Auction 1 4.813% 4.623%
23:30 Monthly Budget Statement 2 $-236.6B $-307.0B
Friday, Apr 11
04:00 Business NZ PMI 2 53.9
11:30 Manufacturing Production (MoM) 2 0.2% -1.1%
11:30 Manufacturing Production (YoY) 1 -2.4% -1.5%
11:30 Industrial Production (MoM) 2 0.0% -0.9%
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