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Oil rebounds on Norway shutdowns

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LONDON: Oil prices rose on Monday lifted by an escalating workers’ strike in Norway. Energy major Equinor shut four of its offshore oil and gas fields on Monday as its workers expanded their strike, a company spokesman said.


Two more fields operated by Neptune Energy and Wintershall Dea also face likely shutdowns on Monday because of the strike, the Norwegian Oil and Gas Association (NOG) has said.


“This will not entail any serious tightening of supply on the market as concerns about demand and fears of a renewed oversupply predominate at present,” said Commerzbank analyst Carsten Fritsch.


The reduction in Norwegian production was mainly balanced by rising output in Libya, analysts said. Libyan oil production has increased by about 20,000 barrels per day (bpd) from last week to 290,000 bpd as exports ramp up, a Libyan oil source said.


Meanwhile recent price rises have prompted some US producers to resume drilling. US energy firms this week added oil and natural gas rigs for a third week in a row for the first time since October 2018.


Brent was up $1.47, or 3.7 per cent, to $40.74 a barrel by 1100 GMT. US West Texas Intermediate (WTI) crude was $1.56, or 4.2 per cent, higher at $38.61 a barrel. — Reuters


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