- Crude oil prices are falling sharply on Friday.
- Norwegian oil firms have reportedly reached a deal to end the strike.
- Baker Hughes reported number of active oil rigs in the US rose to 193.
After closing the first four days of the week in the positive territory and reaching its highest level in more than a month at $41.44, the barrel of West Texas Intermediate (WTI) turned south on Friday. As of writing, the WTI was down 1.75% on a daily basis at $40.50.
Oil loses traction as Norway oil workers’ strike comes to an end
Citing negotiators from each side, Reuters reported on Friday that Norwegian oil producers have reached an agreement with labour union officials to end the strike that was causing the country’s oil output to decline by nearly 25%. This headline caused the WTI to come under a renewed bearish pressure in the late American session.
Later in the day, the weekly data published by Baker Hughes Energy Services showed that the number of active oil rigs in the US increased by 4 to 193.
Meanwhile, latest reports on Hurricane Delta’s impact on the US oil industry seems to be helping crude oil prices limit their losses. According to Reuters, 92% of the Gulf’s oil output, or around 1.67 million barrels per day, are now shut due to the Hurricane Delta.
Technical levels to watch for