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Reuters – Oil prices have risen due to a possible shortage of supply and the Brent led rise as hundreds of Norwegian oil workers are expected to hit today.
Brent rose 55 cents to $ 0.762 per barrel after rising 1.2% on Monday. US light crude futures increased 47 cents, or 0.7%, to $ 74.32.
Hundreds of Norwegian offshore oil and gas platforms are expected to strike today after rejecting a wage plan that could affect at least one field.
The United States says it wants to reduce exports of Iran, the fifth largest producer in the world, to zero by November, forcing other major producers to pump more
. Saudi Arabia, other OPEC members and independent allies, including Russia, have agreed this month
Growing concern over the market is that if Saudi Arabia offsets the loss of Iranian output, it will consume excess global energy and make the markets more vulnerable to a further decline in production or an unexpected shutdown
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