Oil prices dipped as Nigeria resumed exports from an oil facility in Angola over the weekend and amid expectations of an easing of U.S. gasoline demand as peak of the Northern Hemisphere summer driving season passes. Light, sweet crude for September delivery settled at US$75.43 a barrel in Asian electronic trading on the New York Mercantile Exchange, midmorning in Singapore. September Brent crude dropped to US$77.24 a barrel on the ICE Futures exchange in London.
Crude oil prices rose near an 11-month high on declaration of force majeure by Total SA after an electrical problem cut production at the facility by more than half. Total has planned to resume exports from its 240,000 bpd Dalia field facility in Angola.