Oil prices fell on Friday, erasing earlier gains but still leaving both Brent and WTI on track for their biggest weekly gains since early June
Both contracts are on track for weekly gains of about 10% this week, the first rise in three weeks.
In Norway, the head of the union leading an offshore worker strike told Reuters he hoped there could be a deal to resolve the wage dispute with oil companies later on Friday after a meeting with a mediator. “It goes without saying that a resolution to the conflict would pull the rug from under bulls’ feet,” PVM analysts said in a note.
“We believe we are soon in for an oil price correction when the Norway strike is resolved and when the hurricane in the U.S. goes away... These $40+ price levels are as fragile as glass,” Rystad’s Head of Oil Markets, Bjornar Tonhaugen, said.
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