Middle East tensions push up Norwegian oil prices
The Local Norway - [email protected]
Published: 5 Jun, 2017 CET.
Updated: Mon 5 Jun 2017 10:19 CET
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.
Comments
See Also
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.
Join the conversation in our comments section below. Share your own views and experience and if you have a question or suggestion for our journalists then email us at [email protected].
Please keep comments civil, constructive and on topic – and make sure to read our terms of use before getting involved.
Please log in here to leave a comment.