Brent Leads Crude Prices Higher As Norway Oil Workers Prepare To Strike

www.oann.com | 5/3/2017 | Staff
applecup (Posted by) Level 4
TOKYO (Reuters) – Oil prices rose on Tuesday on escalating concerns about potential supply shortages, with Brent crude leading the way as hundreds of oil workers in Norway are set to strike later in the day after failed wage talks.

Brent crude had added 25 cents, or 0.3 percent, to $78.32 per barrel by 0056 GMT, following a 1.2-percent climb on Monday.

US - Crude - Futures - Cents - Percent

U.S. light crude futures were up by 17 cents, or 0.2 percent, at $74.02. They gained 5 cents to settle at $73.85 a barrel the session before.

Hundreds of workers on Norwegian oil and gas offshore rigs are due to on strike on Tuesday after rejecting a proposed wage deal, a move which will likely affect the production of at least one field, Shell’s Knarr.

Disruptions - Oil - Regions - Tensions - Middle

That potentially adds to disruptions in other oil producing regions amid tensions in the Middle East.

The United States says it wants to reduce oil exports from Iran, the world’s fifth-biggest producer, to zero by November,...
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