ExxonMobil (XOM) Declares Force Majeure at Key Nigerian Pipeline

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Go back to ExxonMobil (XOM) Declares Force Majeure at Key Nigerian Pipeline

Oil slips as dollar strengthens but traders eye Nigerian outages

May 12, 2016 8:41 PM EDT

By Devika Krishna Kumar

NEW YORK (Reuters) - Oil prices slipped on Friday, ending a three-day rally, as a strong dollar weighed and investors cashed in on recent gains, but losses were cushioned by outages in Nigeria that have slashed output to the lowest in over two decades.

The dollar was at a more than two-week high against a basket of currencies, weighing on greenback-denominated commodities such as oil futures and making fuel imports more expensive for countries using other currencies and potentially hitting demand. [USD/][FRX/]

OPEC pumped 32.44 million barrels per... More