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Middle East tensions push up Norwegian oil prices

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Middle East tensions push up Norwegian oil prices
Photo: Marit Hommedal/Scanpix
10:19 CEST+02:00
North Sea oil was once again traded for more than $50 per barrel on Monday, after several Arabic states cut their ties with Qatar.
The price for North Sea Brent Crude, which serves as a benchmark price for oil worldwide, rose by around 1.4 percent to more than $50 per barrel on Monday morning, DN.no reports.
 
The increase was connected to announcements on Monday morning that Saudi Arabia, Egypt, Bahrain and the United Arab Emirates were to cut diplomatic ties with Qatar over 'dangers tied to terrorism and extremism.'
 
Oil investments, one of the main drivers of Norway's economy, are expected to fall for a third straight year in 2017 as companies feel the pinch from weak crude prices.
 
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