“Oil rose to its highest in a month in London as Statoil ASA (STL), Norway’s largest oil producer, prepared to halt production from the country as employers locked out striking platform workers after mediation talks failed.
Brent futures gained as much as 2.5 percent. The Norwegian Oil Industry Association, which represents employers, will ban all members of the Industri Energi, SAFE and Lederne labor unions who are covered by offshore pay agreements from midnight on July 9, Statoil said today on its website. Oil had advanced earlier on forecasts that the European Central Bank will cutinterest rates today and that U.S. inventory data will show crude supplies declined.”
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