Oil prices slip over 1% after Norway oil worker strike ends | Reuters

Oil prices slip over 1% after Norway oil worker strike ends | Reuters:

Oil prices slipped more than 1% on Friday after an oil worker strike in Norway ended, which should boost crude output even as Hurricane Delta forced U.S. energy firms to cut production.

Brent futures LCOc1 fell 49 cents, or 1.1%, to settle at $42.85 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 fell 59 cents, or 1.4%, to settle at $40.60.

Despite Friday’s price slide, both benchmarks gained about 9% this week, their first increase in three weeks and the biggest weekly rise for Brent since June.

Oil futures climbed earlier in the week due to concerns the strike in Norway and the hurricane headed for the U.S. Gulf Coast would cut crude output.