Brent climbs to $99 on Norway fears

Lockout fears: Stalemate in Norwegian labour dispute sends Brent crude rates up

Brent crude oil climbed to around $99 a barrel on Monday as lack of progress in Norwegian labour talks stoked worries of a full production shutdown and hopes emerged China would ease monetary policy.

Negotiations between Norway's oil workers and employers over pay and pensions failed for a third time on Sunday. The strike has already cut Norway's oil production by about 13% and hit crude shipments.

The country’s government could force an end to the strike but a labour ministry spokesman said on Sunday there were no immediate plans to intervene in the dispute, which could curtail output of around 1.2 million barrels of oil equivalent per day.

Brent rose 99 cents to a high of $99.18 a barrel before easing back to trade around…

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