Oil prices declined as the threat of supply disruption from Norwegian strikes eased and the demand outlook remained fragile in the EU. Atlantic basin benchmark North Sea Dated fell by $2.35/bl to $45.80/bl in the week to 7 July, while US marker August WTI dropped by $3.19/bl to $45.14/bl. Unions representing hundreds of offshore oil workers in Norway agreed a new pay deal with employers, averting strike action that would have cut the country’s oil and gas production by around 6pc. Nigerian supplies started to recover from earlier disruption in June, with Shell lifting force majeure on exports of Bonny Light crude on 7 July. But armed group the Niger Delta Avengers claimed responsibility for an attack a day later on two trunk lines operated by Italy’s Eni. US crude stocks fell by 2.2mn bl in the week to 1 July, the latest EIA data show. But the decline was smaller than analysts had expected, rekindling expectations of an enduring supply overhang.
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