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Brent Crude Oil

Oil prices rise as looming Norway strike adds to disruptions

TOKYO: Oil prices rose on Tuesday on escalating concerns over potential supply shortages, with Brent crude leading the way as hundreds of oil workers in Norway were set to strike later in the day. Brent crude added 55 cents, or 0.7 per cent, to $78.62 per barrel by 0638 GMT, following a 1.2-percent climb on Monday. US light crude futures were up 47 cents, or 0.7 per cent, at $74.32. Hundreds of workers on Norwegian oil and gas offshore rigs are due to strike on Tuesday after rejecting a proposed wage deal, a move…

Oil prices climb on expectation of OPEC-led output cut

SINGAPORE: Oil prices rose around one per cent on Monday as producer cartel OPEC moved closer to an output cut to rein oversupply that has kept prices low for over two years. International Brent crude oil futures LCOc1 were trading at $47.35 per barrel at 0023 GMT (7.23 p.m. ET), up 49 cents, or 1.05 per cent, from their last settlement. US West Texas Intermediate (WTI) crude CLc1 was up 0.98 per cent, or 44 cents, at $46.14 a barrel. Traders said that markets were being supported by advancing plans by the…