Chinese oil company CNOOC said yesterday it did not expect its £9.6billion takeover of Canadian group Nexen to close until the first quarter of next year at the earliest.
CNOOC has already received approval for the deal from the UK and Canadian governments. It is still waiting for a decision from the US government because Nexen has assets in the Gulf of Mexico.
Brent crude for February delivery fell 18 cents to settle at $110.62 a barrel, having risen $1.65 over the week, while US crude traded shed seven cents at $90.80, having risen $2.14, after data showed a sharp rise in petrol supplies.