Brent crude down $2/bbl as Norwegian oil workers' strike ends

10 July 2012 10:13  [Source: ICIS news]

LONDON (ICIS)--Crude prices extended losses to more than $2.00/bbl on Tuesday to take Brent crude on ICE Futures close to $98.00/bbl after the Norwegian government finally intervened to bring an end to the oil workers’ strike which had threatened a total production shutdown.

Data showing that Chinese crude oil imports had plunged in June to the lowest level in 2012 also added further downward pressure as it raised concerns over falling demand.

By 08:50 GMT, August Brent crude had hit a low of $98.22/bbl, a loss of $2.10/bbl from Monday’s close of $100.32/bbl, before recovering to around $98.95/bbl.

At the same time, August NYMEX light sweet crude futures were trading around $85.50/bbl, having hit a low of $84.62/bbl, a loss of $1.37/bbl from the previous close of $85.99/bbl.

By: Tony Dillon
+44 20 8652 3214

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