Oil prices rise, Brent crude jumps to two-week high on concerns of Norwegian strike

Oil prices rose for the third day in a row on Tuesday, with international crude surging to a two-week high as rising fears about possible supply shortages as hundreds of oil workers in Norway prepared to strike later in the day. In protest against weak wages.

By 09:55 GMT the US crude rose to $ 74.35 a barrel from the opening level $ 74.01, and recorded a high level of $ 74.41, and the lowest level of $ 73.87.

Brent crude rose to $ 79.20 a barrel from the opening level of $ 78.24, recording a high of $ 79.26 since June 29 and a low of $ 78.13.

US crude was up 0.2% on Monday, the second daily gain in a row, and Brent crude rose 1.4%, its first gain in three days, recovering from a one-week low.

Oil chart

In Norway, hundreds of people working on offshore oil and gas platforms are due to start strike after failed wage talks. The strike is expected to affect the production of at least one field at first, and the strike will expand to other fields if no agreement is reached. This crisis is fast.

In Libya, the head of the National Oil Corporation (NOC) said in a statement on Monday that the country’s crude production had recently dropped to 527,000 barrels due to the closure of ports in the east. Libyan production was 1.28 million barrels in February.

In Canada, tproduction of the Sankroud oil facility of 360,000 barrels per day remains suspended due to power outages, leading to a drop in deliveries to the delivery point in Cushing, Oklahoma.

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