May 02, 2008	Friday	Rabi-us-Sani 25, 1429

LONDON, May 1: World oil prices slipped to $111 a barrel on Thursday after a strike ended in key crude producer Nigeria, and in line with the strengthening dollar, traders said.

Prices had already fallen sharply the day before in response to a bigger-than-expected rise in crude oil reserves in the United States, which is the world’s biggest energy consumer.

On Thursday, New York’s main oil futures contract, light sweet crude for June delivery, dived $2.31 to $111.15 per barrel. New York crude had struck a record high $119.93 on Monday.

London’s Brent North Sea crude for June delivery fell $2.49 to $108.87. The contract had hit an all-time peak of $117.56 last Friday.

In Nigeria on Thursday, workers at ExxonMobil’s Nigerian subsidiary ended an eight-day strike that the US oil giant acknowledged had badly dented its output, a union leader said.

But prices were also dragged lower on Thursday as the US dollar rallied against major rival currencies on news of a sharp and unexpected rise in United States consumer spending in March.—AFP