- Published on Tuesday, 10 July 2012 14:04
- Written by Super User
A day after prices rose to $85.99 due to a strike in Norway, oil futures dropped 1.6% after the government of Norway ordered compulsory arbitration in the dispute. Bloomberg reports that Norway’s order prevented a platform workers’ lockout that was scheduled to start at midnight on Monday.
More downward pressure on the price of oil came from China’s General Administration of Customs which said the nation’s net crude imports fell to 5.28 million barrels a day in June. China’s exports also grew at only 11.3% in June, down from 15.3% in May.