Norwegian strike causes $2 oil rise

Brent crude futures rose $2 a barrel at 0933 GMT to $101.77 on Thursday after the Norwegian oil industry association decided to call a lockout of all workers on the Norwegian continental shelf to end an ongoing strike as discussions reached a deadlock.

U.S. WTI crude futures also jumped $1 a barrel to $88.66 a barrel.

Norwegian Statoil now plans to halt production following the notice, creating a shortfall in production of around 1.2 million barrels or oil equivalent per day. Norway is the world's eighth biggest oil exporter.

The lock out will take effect on Monday 9 July. -Reuters