Oil prices fall as protest ends
Published on : 16/05/2007
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Oil prices fell on the London stock exchange today - after Nigerian protestors ended their occupation of a hub in one of Nigeria's southern oilfields.
Sit-in demonstrators at a Royal Dutch Shell plant had forced the operator to reduce its output by around 170,000 barrels per day. Militant attacks have so far cut around 30 per cent of supply capacity from the world's eighth largest oil producer.
"We have left the place out of respect for our elders and chiefs. We will allow Shell to do its work," Teddy Penedibebari, who led the protest, commented. The sit-in began on May 10th.
The price of London Brent crude - the type of oil most representative of the global market - fell by 11 cents to $68 per barrel. On Tuesday it rose by two per cent to reach a high of $68.54 cents. When news of the end of the occupation ended, the price fell by almost a dollar to $67.78.
