Oil prices slide after week-long gains amid Norwegian strike

09.10.2020 - Korneychuk Evgeniya
Oil prices slide after week-long gains amid Norwegian strike

Oil prices slid a few cents in early Friday trading after nearly a week of big gains, following a strike in Norway that resulted in a 25% cut in production.

Brent crude futures fell 9 cents to $43.25 per barrel after climbing 3% on Thursday. U.S. West Texas Intermediate crude slid 5 cents to $41.14 per barrel after falling over 3% on Thursday.

Both benchmarks are on course for a 10% gain this week, their first rise in three weeks. Prices were boosted by the possibility of lesser supply amid an ongoing strike by Norwegian oil workers.

Norwegian oil company and labor officials are set to meet with a state-appointed mediator on Friday to resolve the strike that threatens to slash a quarter of the country’s oil and gas production.

Elsewhere, markets are also bracing for the impact of Hurricane Delta on U.S. production. Almost 1.5 million barrels of daily output has been stopped ahead of the storm’s arrival. 

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