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BRENT 58.86

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9

Oil Prices Eased Despite Nigeria's Strike

Oil prices edged lower in Asian trade Friday

Oil prices edged lower in Asian trade Friday as players assessed whether a strike in key African crude oil producer Nigeria would affect supplies, dealers said.

At 11:05 am, New York's main oil futures contract, light sweet crude for delivery in August, was down eight cents at $68.57 per barrel from $68.65 in late US trades.

Brent North Sea crude for August was down one cent at $70.21.

"The oil markets were keeping a watchful eye on Nigeria, to attempt to assess what, if any, impact the general strike will have on oil supplies," the Commonwealth Bank of Australia said in a commentary.