OAO Rosneft and OAO Lukoil, Russia’s two largest oil producers, rallied as strike action threatened in Norway boosted Urals crude.
Lukoil gained as much as 1.3 percent to 1,849.80 rubles, the highest on a closing basis since March 19, and traded up 0.2 percent at 1,831 rubles as of 3:58 p.m. in Moscow. Rosneft climbed for the first time in time in three days, up 0.2 percent to 208 rubles.
Urals crude, Russia’s main oil blend, advanced 0.5 percent to $98.61 per barrel, paring its decline for the year to 6.7 percent.
A shutdown of all Norwegian offshore oil and gas production will start at midnight, cutting about 12 percent of Europe’s crude output, unless unions and employers can resolve a two-week industrial action or the government intervenes.
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