Oil recovers from three-month low as Norwegian strike provides some respite
Tokyo — Brent crude prices rose from a three-month low on Tuesday after more oil workers went on strike in Norway, supporting a market that has been dominated by oversupply issues in recent days.Brent crude futures had climbed 28c, or 0.4%, to $72.12 a barrel by 3.31am GMT. They fell 4.6% on Monday, at one point touching their lowest since mid-April.US West Texas Intermediate (WTI) futures were down 1c at $68.05. They fell 4.2% on Monday.An oil worker strike in Norway intensified on Monday when hundreds more walked out in a dispute over pay and pensions after employers failed to respond to union demands for a new offer.The strike, which began last Tuesday, has had a limited effect on Norway’s oil production so far, but some drillers warned of possible contract cancellations if the dispute goes on for a month or more."The threat of further supply disruptions hasn’t totally evaporated," ANZ said in a morning note.ANZ also said that "production from Libya remains susceptible to further...
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