Oil prices jump 2% after strike escalation in Norway

Monday, 05. October 2020 08:15

Prices of oil futures increased over 2% on Monday after Norwegian trade union Lederne escalated its strike following a failure to find common ground with the Norwegian Oil and Gas Association (NOG). State-owned energy company Equinor ASA revealed that four of its fields have been shut down as a result of the strike, while Neptune Energy's Gjoa field and Wintershall Dea Norge's Vega are also expected to be affected by the work stoppage. A total of 330,000 barrels per day, or 8% of entire production on the Norwegian continental shelf is produced at these six fields, the NOG said.

Brent for December deliveries was 2.19% up, going for $40.13 per barrel at 2:05 am ET, while West Texas Intermediate (WTI) for settlements in November gained 2.75% to sell for $38.07 per barrel at 2 am ET.

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