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Oil prices rise from three-month low as more Norwegian oil workers strike

17 July 2018 05:45 (UTC +04:00)

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, APA reports quoting Reuters.

Brent crude futures had climbed 36 cents, or 0.5 percent, to $72.20 a barrel by 0106 GMT. They fell 4.6 percent on Monday, at one point touching their lowest since mid-April.

U.S. West Texas Intermediate (WTI) futures were up 3 cents at $68.09. They fell 4.2 percent 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 impact 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.