The crude oil prices have risen following its biggest fall in New York as the production platforms in the Scandinavian nation of Norway faced closure due to a strike.
The futures rose as much as 0.7 percent after recording a fall of .2 percent on July 6. Bengt Eidem, a spokesman for the Norwegian Oil Industry Association has said that a planed lockout of the Norwegian oil platforms at midnight will go ahead if an agreement is not reached within today.
The prices of crude oil had fallen after data from the US showed that it added fewer jobs than expected in the month of June. The fear of an economic slowdown and falling demand had put pressure on the oil prices in the international markets.
Experts believed that the Brent crude will trade in the range of $90 to $110 a barrel. However, the strike in Norway could be a problem and put upward pressure on the prices.
Crude oil for August delivery rose 60 cents to $85.05 a barrel in electronic trading on the New York Mercantile Exchange. On the London-based ICE Futures Europe exchange, the Brent crude for August increased 95 cents to $99.14 a barrel.