5 Jul 2022 , 10:59 AM
Following a 2.4% gain on Monday, Brent crude futures increased by 82 cents, or 0.7%, to $114.32 a barrel.
U.S. West Texas Intermediate crude increased $2.58, or 2.4%, from Friday's closing to $111.01 a barrel. Due to the U.S. vacation on July 4, there was no WTI settlement on Monday.
Norwegian offshore workers started a walkout on Tuesday that will lower the amount of oil and gas produced, the union in charge of the industrial action told Reuters.
According to Equinor, the strike is anticipated to cut oil and gas production by 89,000 barrels of oil equivalent per day (boepd), of which gas production accounts for 27,500 boepd.
According to the lobby, the oil output will be reduced starting on Wednesday by 130,000 barrels per day, or about 6.5% of Norway's production.
Amid a general tightening in global financial conditions as the U.S. Federal Reserve battles runaway inflation with swift rate rises, the outlook for demand is also at the top of investors' concerns.
As governments work to cool off the raging inflation, interest rates are also expected to rise in Australia and South Korea. Inflation in South Korea reached a nearly 24-year high in June, raising worries about slowing economic development and the price of crude oil.
Related Tags
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Securities Support WhatsApp Number
+91 9892691696
www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.