Crude extends gains to $3/bbl on Norwegian oil workers' strike

29 June 2012 12:28  [Source: ICIS news]

LONDON (ICIS)--Crude prices extended gains to more than $3.00/bbl on Friday to take Brent crude on ICE Futures above $94.00/bbl after the Norwegian government said it had no plans to intervene in the oil workers’ strike, which could escalate after a union meeting next week.

Earlier, global stock and commodity markets had surged on hopes over a plan agreed by European leaders to tackle the eurozone debt crisis.

By 11:10 GMT, August Brent crude had hit a high of $94.52/bbl, a gain of $3.16/bbl from Thursday’s close of $91.36/bbl, before easing back to around $94.45/bbl.

At the same time, August NYMEX light sweet crude futures were trading around $80.65/bbl, having hit a high of $80.72/bbl, a gain of $3.03/bbl from the previous close of $77.69/bbl.

By: Tony Dillon
+44 20 8652 3214

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