Oil prices settled lower Monday, reversing gains after a potential oil worker strike in Nigeria was called off, easing supply concerns. Light, sweet crude for January delivery lost 14 cents, or 0.2%, to $57.16 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, gained 18 cents, or 0.3%, to $63.41 a barrel. Prices traded as high as $57.69 a barrel throughout the day, boosted by concerns over a strike in Nigeria’s oil industry. The strike was later suspended, Reuters reported. Prices still received some support from a continued outage of the Forties Pipeline System in the North Sea, analysts said. The market has struggled for direction in recent weeks, as traders weigh signs of lower supply against rising production in the U.S. Georgi Slavov, head of research at brokerage Marex Spectron, said that as a result of efforts by the Organization of the Petroleum Exporting Countries […]