US crude futures rise $1.54/bbl on Norway's labour strike concerns

09 July 2012 20:55  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude (WTI) for August delivery settled at $85.99/bbl on Monday, up $1.54 versus the previous close, led higher by a rally in North Sea Brent crude on concerns that Norway’s crude oil production may be shut down by an oil workers strike and a possible lockout by oil companies.

Oil production has declined during the strike, which is on its third week, and may shut down entirely as the Norwegian government has shown no inclination to intervene despite the fact that recent negotiations between both sides have failed to find a solution.

In the currency markets, the euro rose against the dollar after hitting a two-year low, but the stock market failed to rally as a result of weak economic data coming out of Asia.

Upside momentum lifted August WTI up to $86.48/bbl, up $2.03/bbl before retreating.

ICE Brent for August delivery topped out at $101.06/bbl before settling at $100.32/bbl, up $2.13.

By: Ignacio Sotolongo
+1 713 525 2653

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