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Oil prices pause in week-long surge Norwegian strike drives strong gains

Published 10/09/2020, 10:33 AM
Updated 10/09/2020, 10:40 AM
© Reuters.
LCO
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TOKYO, Oct 9 (Reuters) - Oil prices eased a few cents early
in trading on Friday in a breather at the end of a week of big
gains propelled by a strike in Norway that raised the prospect
of supply from the major producer being slashed by up to 25%.
Brent LCOc1 was down by 9 cents at $43.25 a barrel by 0152
GMT, having gained more than 3% on Thursday. U.S. West Texas
Intermediate (WTI) crude CLc1 dropped 5 cents at $41.14 after
also falling more than 3% on Thursday.
Both contracts are on track for gains of around 10% this
week - the first rise in three weeks - yanked higher by the
prospect of tighter supply on production outages in the North
Sea because of the action by Norwegian oil workers.
"This could see almost one million barrels a day of crude
oil impacted," ANZ Research said in a note.
Norwegian oil company and labour officials said they will
meet with a state-appointed mediator on Friday in an attempt
both sides hope will bring an end to a strike that threatens to
strip out about a quarter of the country's oil and gas output.
Elsewhere, market watchers are also bracing for the impact
on U.S. production of Hurricane Delta, forecast to strike the
Gulf Coast within hours. Nearly 1.5 million barrels of daily
output has been halted so far.

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