Crude Prices Extend Gain On Concern Of Shutdown Of Norwegian Oil Production (10-Jul-2012)
Crude prices extended their gains in the new week, edging up by over a percent on Monday on fears of a imminent shutdown of Norwegian oil production due to failed labor talks, and signs that China would ease monetary policy in the face of slowing economic growth. There is fear of complete shutdown of Norway's oil industry in more than 25 years, as the strike, in its third week, has cut oil output from Western Europe's top producer by 13 percent and affected crude shipments. However, later the Norwegian labor minister said that the government had intervened in the dispute to avoid the economic consequences of an oil production shutdown.
Benchmark crude for August delivery settled at $85.99 a barrel, gaining $1.54, or 1.82 percent, after trading in a range from $84.00 to $86.48 on the New York Mercantile Exchange. In London, August Brent crude climbed $2.13 to settle at $100.32 a barrel on the ICE.
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