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Oil barrel near 120%

de Radu Rizea
Luni, 28 aprilie 2008, 14:44 English | Business

The price of oil came very close to 120$ per barrel on Monday, after a strike of the oilmen in Scotland affected the UK production, CNN informs. The price on the New York Stock Exchange (NYSE) reached 119.93 at noon, on Monday, decreasing to 119.40 dollars per barrel in Singapore.

The employees at the Grangemouth refinery opened a general strike, forcing British petroleum to shut the Forties Pipeline System, a network transporting over 700,000 barrels per day towards the United Kingdom.

The strike will continue until Tuesday, but the Ineos company claims that it will take a week to have the production back to normal.

Meanwhile, the production continues to be affected in Nigeria, after the rebels sabotaged an oil line belonging to Royal Dutch. Even more, the ExxonMobil employees in Nigeria reduced the production, asking for higher wages.

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