Tokyo — Oil prices rose on Tuesday on the escalating concern over potential supply shortages, with Brent crude leading the way as hundreds of oil workers in Norway were set to strike later in the day. Brent crude had added 32c, or 0.4%, to $78.39 a barrel by about 3.03am GMT, following a 1.2% climb on Monday. US light crude futures were up 17c, or 0.2%, at $74.02. They gained 5c to settle at $73.85 a barrel the session before. Hundreds of workers on Norwegian oil and gas offshore rigs are due to strike on Tuesday after rejecting a proposed wage deal, a move that is likely to affect the production of at least one field, Shell’s Knarr. That potentially adds to disruptions in other oil producers amid tensions in the Middle East. The US says it wants to reduce oil exports from Iran, the world’s fifth-biggest producer, to zero by November, which would oblige other big producers to pump more. Saudi Arabia, fellow members of oil cartel Opec and allies including Russia agreed in June to inc...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.