“Oil rebounded in New York after the biggest drop in two weeks as a labor strike threatened to halt production in Norway, Western Europe’s biggest exporter.
Futures advanced as much as 0.9 percent. Statoil ASA (STL) said it may declare force majeure on fuel deliveries as it prepares to halt more offshore fields at midnight. Prices slid 3.2 percent on July 6, the biggest decline in two weeks, after a report showed the U.S. created fewer jobs than estimated in June. Iraq’s Deputy Prime Minister for Energy Affairs Hussain al-Shahristani said oil’s two-month plunge is unjustified. European Union sanctions on Iranian imports took effect at the start of this month.”
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