Norway Strike Fear Pushes Oil to New High

Oil prices rose close to $60 a barrel on Monday on the threat of an oil workers strike in Norway, the world’s third largest oil exporter, and deepening market worries about the lack of refining capacity.

The rise to a new nominal high forced the Organisation of the Petroleum Exporting Countries to consider a new increase in its output ceiling, less than a week after it increased production by 500,000 barrels a day to 28m barrels a day. A decision could be made as early as next week.

“We could see prices rise up to $65 [a barrel] if the [Norwegian] strike goes ahead,” said Deborah White, senior economist energy at Soci
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