Crude rises over $1/bbl as Norway oil output shutdown looms closer

09 July 2012 16:27  [Source: ICIS news]

LONDON (ICIS)--Crude prices gained more than $1.00/bbl on Monday to take Brent crude on ICE Futures above $99.00/bbl as the midnight deadline for a lockout of striking Norwegian oil workers and the potential complete shutdown of oil and gas production loomed closer.

The Norwegian government had been expected to intervene to order an end to the industrial dispute over pensions, but as yet there has been no sign this will happen.

By 15:00 GMT, August Brent crude had hit a high of $99.39/bbl, a gain of $1.20/bbl from Friday’s close of $98.19/bbl, before easing back to around $99.20/bbl.

At the same time, August NYMEX light sweet crude futures were trading around $85.40/bbl, having hit a high of $85.60/bbl, a gain of $1.15/bbl from the previous close of $84.45/bbl.

By: Tony Dillon
+44 20 8652 3214

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