Oil prices rise on looming Norway strike; Brexit still weighs
Oil prices rose in early trading in Asia on Tuesday as a looming strike in Norway threatened to cut output in western Europe's biggest producer, although Britain's vote to leave the European Union was still weighing on markets. About 755 Norwegian workers on seven oil and gas fields could go on strike from Saturday, hitting output from the North Sea's top producer, if a new wage deal is not agreed before a Friday deadline.
A final round of mandatory talks will be hosted by a state mediator on June 30 and July 1 in an effort to avoid disruption that could start the following day.
The affected fields account for nearly 18 percent of Norway's oil output and a little more than 17 percent of its natural gas, Reuters calculations show.
Combined oil output was about 285,000 barrels per day in the first four months of the year, with natural gas output at 48.5 million cubic metres (mcm) per day.
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