October 8, 2003	Wednesday	Sha’aban 11, 1424

LONDON, Oct 7: Oil prices dipped on Tuesday following the previous day’s gains despite continued nerves at the possible impact of a general strike in leading African oil producer Nigeria.

The price of reference Brent North Sea crude oil for November delivery fell nine cents to $28.80 per barrel in late deals.

New York’s benchmark light sweet crude November contract lost 19 cents to $30.28 per barrel in early trading.

“People have the feeling that prices have been high recently in anticipation of a possible strike in Nigeria,” said analyst Frederic Lasserre of Societe Generale.

With the threat of disruption to oil output to some extent priced in, the market was vulnerable to any signs of progress in ending the standoff, he said.

But there little sign of any resolution as Nigerian trade unions maintained their threat to disrupt crude exports and shut down government offices and firms from Thursday in a dispute over President Olusegun Obasanjo’s massive fuel price rises.

“There is no going back on the strike since Obasanjo has refused to budge. He will not even talk with us. We expect all Nigerians to stay at home,” said John Odah, general secretary of the Nigeria Labour Congress.

If the strike proves effective it could disrupt oil production and exports in Africa’s largest oil producer.

“I think the market is nervous,” said GNI trader Robert Laughlin, adding that any news about the strike would be “crucial” for prices.—AFP