Brent crude oil prices fall sharply

Brent crude oil prices fell sharply in the London midmorning trade.

Dealers attributed this to the calling-off of a week-long strike in Nigeria that potentially threatened the country's oil exports.

President of the Nigeria Labour Congress (NLC) and strike leader Adams Oshiomhole, announced the suspension of the strike early this morning.

Trading shortly before 11 am, August-dated Brent crude futures were down 44cents to US$27.38 (€24.28) a barrel.

Concerns that Nigeria's oil unions could be drawn in had pushed prices to a high of US$28.76 (€25.50) a barrel on July 3.

The strike was to be called as a reaction to Nigerian government decision to scrap subsidies on fuel, and to increase petrol prices by over 50%.