NYMEX light sweet crude oil futures settled down $0.44 at $87.22 per barrel after trading in a $86.50 to $88.98 range. This was in contrast to ICE Brent, which settled up $0.93 at $100.70 per barrel, after trading in a $99.30 to $102,34 range. Supply concerns in Norway underpinned Brent at the expense of WTI, analysts say. A Statoil notice earlier stated that the firm is preparing to shut down production on the Norwegian continental shelf (NCS) after the notice from the Norwegian Oil Industry Association that a lockout, starting July 9 at 2400 hours, “will be imposed on all members of Industry Energy (Industri Energi), the Organisation of Energy Personnel (SAFE) and the Norwegian Organisation of Managers and Executives (Lederne) who are covered by the offshore pay agreements” and “halt all production on the NCS.”
EasyForexNews Research Team