Crude down $1/bbl on Norwegian strike, investor concerns

06 July 2012 10:34  [Source: ICIS news]

LONDON (ICIS)--Crude prices fell more than $1.00/bbl on Friday to take Brent crude on ICE Futures below $100.00/bbl amid expectations the Norwegian government will intervene to bring an end to an industrial dispute between employers and offshore oil workers over pensions.

Norwegian industry employers had announced they would lock out striking oil workers from 10 July, causing the loss of further production.

Moves by central banks in Europe, China and the UK to help stimulate economic growth have failed to improve investor confidence.

By 09:00 GMT, August Brent crude had hit a low of $99.42/bbl, a loss of $1.28/bbl from Thursday’s close of $100.70/bbl, before recovering to around $99.70/bbl.

At the same time, August NYMEX light sweet crude futures were trading around $86.05/bbl, having hit a low of $85.87/bbl, a loss of $1.35/bbl from the previous close of $87.22/bbl.

By: Tony Dillon
+44 20 8652 3214

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