Crude oil futures jumped Thursday as Norway's Statoil ASA (STO) said it was preparing to shut down oil production as the country's oil industry association announced a lockout starting midnight on Monday July 9.
Statoil said the shortfall in its production will be around 1.2 million barrels of oil equivalent a day. The strike, now in its twelfth day, has already cut Norway's crude oil output by 15%. Norwegian crude oil feeds into the Brent benchmark.
At 0946 GMT, the front-month August Brent contract trading on London's ICE futures exchange was up $1.85, or 1.8%, at $101.62 a barrel. The front-month August contract on the New York Mercantile Exchange was trading up 69 cents, or 0.8%, at $88.35 per barrel.
Copyright ? 2012 Dow Jones Newswires
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