Threats to production from the largest oil exporter in Western Europe pushed the price of crude oil futures on Monday past the threshold price of $100 per barrel, Bloomberg reports.
The energy commodity climbed more than 2 percent as offshore oil and gas production in Norway was in peril due to a labor strike. The shutdown following the two-weeks of strife was slated to begin at midnight in Western Europe as two million barrels per day of production might be lost.
"We are getting some positive sentiment from the idea that Norwegian oil might be taken off the market tomorrow," analyst and broker Gene McGillian with Tradition Energy in Connecticut told the news source. "We are rebounding from Friday's big drop."
At 1:53 p.m. on Monday, crude oil futures rose 2.17 percent, a $2.13 lift to $100.32 per barrel.
The Wall Street Journal attributed the price hike to optimism for intervention in China, host of the globe's second-largest consumer of the energy commodity. The United States is the world's biggest consumer of oil.
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