Oil prices dropped in Asian trading on Monday
Oil prices dropped in Asian trading on Monday after no major disruptions to production were reported around the weekend presidential election in Nigeria.
Light, sweet crude for June delivery dropped 16 cents to $63,95 a barrel in electronic trading on the New York Mercantile Exchange midmorning in Singapore. The May contract on Friday rose $1,55 to settle at $63,38 a barrel before expiring, while the June contract settled at $64,11, up 79 cents.
The electoral period in Nigeria -- a main supplier to the United States -- has been chaotic. At least 49 people have died in violence since April 14.