Oil rebounded on speculation the biggest drop in two weeks was excessive after energy companies and labor unions in Norway failed to reach a compromise to prevent a strike from escalating.
Futures advanced as much as 0.7 percent after falling 3.2 percent on July 6, the biggest decline since June 21. Labor action by Norway’s energy workers entered a 15th day yesterday after talks supervised by a state mediator failed. There are no new discussions planned, according to Kristin Bremer Nebben, a spokeswoman for the Norwegian Oil Industry Association. Prices slid last week after a report showed the U.S., the world’s biggest crude user, created fewer jobs than estimated in June.
“I don’t think upward momentum will be that powerful or sustained,” Jarmo Kotilaine, the chief economist at Jeddah- based National Commercial Bank who forecasts Brent crude will trade in a range of $90 to $110 a barrel, said by telephone yesterday. “Norway is an issue.”
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