Oil Price Climbs As Norwegian Strike Looms
NEW YORK (AP) — The price of oil is climbing as Norway's North Sea crude production prepares to shut down.
Norway's oil industry, which produces more than 3.8 million barrels of oil and natural gas per day, says platforms will switch off by 8 p.m. EDT Monday due to a strike by offshore oil workers. The government still may intervene to keep oil and gas flowing.
A shutdown would seriously impact European oil supplies, cutting off a major source of crude as the European Union officially begins an embargo of Iranian oil.
Benchmark U.S. crude rose 92 cents to $85.37 per barrel in New York, while Brent crude added 81 cents to $99 per barrel in London.
Meanwhile, gasoline prices rose 2.4 cents over the weekend to a national average of $3.38 per gallon.