Oil prices fell today after Nigeria averted a national strike to relieve concerns over supply tightness ahead of the northern hemisphere winter heating season.
Fresh data on United States oil inventories showing a rise of more than five million barrels in crude stocks also helped to soothe supply worries.
US light crude futures were down nine cents to $29.72 a barrel after falling below the $30 mark yesterday.
Late on Wednesday, unions in Nigeria, the world's seventh-largest crude exporter, called off a national strike over a sharp increase in the cost of fuel after oil marketing companies agreed to revert to old prices.
The market had worried a walkout could disrupt Nigeria's 2.2 million barrels per day of crude shipments, including important volumes of premium light blends popular with US refiners.
An agreement was reached only hours before the stoppage, potentially shutting down Africa's largest oil producer, was due to begin.
Oil prices began a decline yesterday following the release of US Energy Information Administration data showing that pre-winter crude oil stocks rose 5.4 million barrels, or nearly two per cent, as strong imports rolled in last week and refineries reduced runs for seasonal maintenance.
A survey of analysts had forecast stocks to rise by one million barrels.
The gain meant the US surplus against last year's supply rose to 14 million barrels, or 5 per cent.