Oil falls towards $61 mark
U.S. crude futures for July delivery fell 63 cents to $61.04 a barrel by 0915 GMT (5:15 a.m. EDT). London Brent crude fell 70 cents to $...
U.S. crude futures for July delivery fell 63 cents to $61.04 a barrel by 0915 GMT (5:15 a.m. EDT). London Brent crude fell 70 cents to $60.08.
U.S. markets are closed on Monday for the Memorial Day holiday. NYMEX floor trading resumes on Tuesday.
Oil prices rallied around 9.5 percent last week, boosted by a spate of U.S. refinery problems and unrest in major oil exporter Nigeria, and are nearly double their lows hit in December on speculation the economic recession is easing and demand for energy will revive. Nigeria's main militant group said on Monday it had attacked major oil pipelines in the Niger Delta to prevent five flow stations feeding a facility operated by U.S. Chevron (CVX.N) from operating, but there was no independent confirmation. Ministers from the Organization of the Petroleum Exporting Countries (OPEC) were expected to make no change to oil supply when they meet in Vienna on Thursday as higher prices helped mitigate their concerns about overflowing fuel inventories and dwindling demand.