Oil rises nearly 2% as Norway lockout looms
Oil futures jumped Monday as the clock continued to tick for a potential shutdown of Norway’s oil production. It seems likely that offshore production is being shut down as of midnight Norway time, said Matt Smith, an analyst at Summit Energy in Kentucky. That would be 6 p.m. Eastern. “Although this will likely only be a temporary supply loss as the parties involved thrash out a deal, the concern of two million barrels a day coming offline has the market twitchy,” he added.