Crude Oil Rises After Nigerian Unions Call Strike to Cut Supply
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Crude oil rose in New York after reports said unions in Nigeria, the fifth-biggest supplier to the US, called a strike this month to disrupt the country&#39;s oil exports.
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Trade Unions and civil rights groups in Nigeria, Africa&#39;s largest oil exporter, have called off a national strike over fuel prices.
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Rising tension in Nigeria has pushed US crude oil futures to the psychological $50 a barrel level in New York. Prices rose 36 cents in electronic trading Monday evening to touch $50, the
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Crude oil prices rose Friday amid worries about supply after Nigeria's powerful oil unions went on strike and gunmen kidnapped six oil workers in the nation's south. Concern about more tensions with Iran was also a factor.
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Crude oil rose from a three-month low on disruptions to supply from Nigeria and Norway and after OPEC members said they may need to cut output after prices plunged.
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Oil prices rose to record highs Monday  near $50 a barrel for U.S. crude as Nigeria emerged as the  latest focus for worries about supply in an already tight  worldwide energy market.
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LAGOS: A four-day general strike over rising fuel prices has begun in Nigeria, Africa&#39;s largest oil producer. The largest trade union grouping in the country, the Nigerian Labour Congress, said more strikes
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Crude oil prices in New York remained high Tuesday after Nigerian rebels threatened oil output in the largest African oil-producing country.
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A general strike in Nigeria which has helped push world oil prices to record highs entered its second day Tuesday, as labor unions continued protest over the rising cost of fuel at home.
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Nigerian unions began a four-day strike on Monday, helping drive world oil prices to record highs although shipments from Africa's top exporter were unaffected.
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Tens of millions of Nigerian workers began a nationwide strike over rising fuel prices as President Olusegun Obasanjo's sought to draw union leaders into talks and world oil prices soared.
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Crude oil prices rose above US$54 Thursday on speculation sparked by a pipeline explosion in Mexico and a continued work stoppage in Nigeria.
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Crude oil in New York approached $70 a barrel for the first time since September after Nigerian unions planned a strike this week, threatening supplies from Africa's biggest oil producer.
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Unions vowed to extend a general strike  over fuel prices in Nigeria to a second day on Tuesday, helping  drive world oil prices to record highs even though shipments  from Africa's top producer were unaffected.
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Nigeria's main umbrella union said Sunday  it would go ahead with a general strike in Africa's top oil  producer Monday to protest against rising domestic fuel prices.
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Crude oil rose after the biggest labor organization in Nigeria, the fifth-largest crude-oil supplier to the US, called for a strike later this month that could end up disrupting the country&#39;s oil exports.
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Unions began a four-day strike against  rising fuel prices in Nigeria on Monday, helping drive world  oil prices to record highs even though shipments from Africa's  top producer were unaffected.