NEW YORK, July 9 (Reuters) – U.S. cash crude grades firmed
on Monday as the transatlantic crude spread widened on concerns
that Norway’s North Sea oil production could be shut in by a
worker strike.
Mars sour firmed by as much as 90 cents to trade for
up to $10.00 a barrel above West Texas Intermediate .
Heavy Louisiana Sweet firmed 50 cents to as much as
$13.40 a barrel above WTI. Light Louisiana Sweet was
negotiated at $13.60 above WTI, up 60 cents from Friday.
As oil traders braced for a potential shutdown of Norway’s
oil output due to a labor dispute, the WTI-Brent spread widened
to as much as $14.65 a barrel in favor of Brent during trading
on Monday, widening by about 60 cents from Friday.
Futures rose sharply on Monday, with Brent settling
up $2.13 a barrel at $100.32 a barrel. U.S. futures
settled up $1.54 at $85.99 a barrel.
