The disruption of oil production from
Brazil
because of a strike could provide support for oil prices, says Michael Lewis,
global head of commodities research at Deutsche Bank.
Petrobras employees are
striking to protest the government's plans to sell one of the world's largest
offshore oil discoveries Monday via an auction.
The move would bring foreign
oil companies into the project. December Brent crude is down 30 cents, or 0.3%,
at $109.64 a barrel. November Nymex crude is down 53 cents, or 0.5%, at $100.28
a barrel.