US crude futures fell more than half a dollar in opening trade on Monday after Nigerian unions called off a strike that had threatened to disrupt oil shipments from the world's eighth-largest exporter. NYMEX crude for August delivery fell by 58 cents to $68.56 a barrel in Globex electronic trading by 2218 GMT.
The US crude nearly touched $70 last week, their highest since early September, and ended with a weekly gain of just over $1 as Nigerian concerns and tight fuel stocks aided buying.
Dealers took relief from news that Nigerian unions called off a strike in Africa's top oil producer after the government agreed to freeze fuel prices, removing one threat to exports - which had not been affected by the four-day action.
The general strike, which had halted most economic activity, stopped from midnight on Saturday, although concerns about the ongoing militant violence directed at the oil industry in Nigeria are likely to persist. Four foreign hostages were released unharmed on Saturday.
The NYMEX gasoline outpaced crude's gains on Friday, leading the complex higher as traders feared a string of unplanned refinery outages would continue to hinder refiners' ability to boost fuel supplies during the peak summer season. Gasoline futures rose 1.8 percent on Friday versus crude's 0.7 percent gain, but matched losses on Monday with a slide of 0.8 percent.
Speculators took a more bullish view of prices in the week to June 19, lifting their net length in gasoline markets to the highest in three and a half years, while heating oil length rose to its highest since October 2003, regulatory data showed Friday. NYMEX crude oil speculators boosted their net length by a shade, CFTC data showed.
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