Brent crude rises as strike in Norway threatens disruption

Brent crude oil prices continued to rise on Tuesday as strikes in Norway were expected to disrupt oil and gas production, prompting tight supply concerns. Rose 82 cents, or 0.7 percent, to $ 114.32 a barrel as of 0105 GMT, following a 2.4 percent gain on Monday. US West Texas Intermediate (WTI) crude was up $ 2.58, or 2.4 percent, at $ 111.01 a barrel on Friday. There was no trading due to the July 4 public holiday.Unions leading industrial activities told Reuters on Tuesday that workers in the Gulf of Norway had begun a strike that would reduce oil and gas production, Equinor said. Oil and gas output is expected to be reduced by 89,000 barrels per day (boepd), of which 27,500 barrels will be achieved.

Leave a Reply

Your email address will not be published.