Crude oil is coming under selling pressure this morning after
Norway ended a strike that could have halted oil output from one of
the world's largest exporters. There was also bearish news out of
China today, with crude imports into the oil-hungry nation plunging
in June to the lowest this year as refiners cut purchases amid
slowing oil demand. It marked a big reversal from May, when Chinese
oil imports had reached a record high.
The labour dispute in Norway had reportedly cut oil production
by about 13% and had pushed crude prices up over the last few
Moments before the 930 am (
) start of equity trading, U.S. crude for August delivery on the
New York Mercantile Exchange was down 54 cents, or 0.6%, at $85.45.
August Brent crude futures were down $1.28, or 1.2%, at $99.04.
The TSX energy sector appears set for a lower opening as well,
with Suncor Energy (SU.TO) down 0.1% in the pre-market.