LONDON, June 25: World oil prices sank on Monday following the end of a general strike in Nigeria that had threatened exports from the sixth-biggest crude producer in the world.

Brent North Sea crude for August delivery lost 95 cents to $70.23 per barrel in electronic deals.

New York’s main oil futures contract, light sweet crude for delivery in August, fell by $1.09 to $68.05 per barrel in floor trading.

“Crude futures were lower on Monday, coming off after Nigerian unions ended a general strike, which threatened to disrupt oil exports from the country,” said Sucden analyst Michael Davies.

Despite Monday’s losses, crude futures remain within reach of their highest readings for more than nine months, trading close to $69 a barrel in New York and not far off $72 in London.

The London-based Centre for Global Energy Studies warned on Monday that the price of oil will soar in the coming months unless the Opec crude cartel ramps up output.

“The world needs more oil if another price surge is to be avoided,” the influential energy research group said in a monthly report.

“Oil prices will continue to rise over the summer unless Opec relaxes its production restraint.” Prices had surged before the weekend as traders fretted over possible disruptions to energy supplies from Nigeria.

However, Nigerians returned to work on Monday, two days after the country’s two main trade unions ended a four-day general strike that had paralysed economic and commercial

activities.—AFP