Oil Rises to One-Month High as Strike Halts Norway Output

Oil rose to its highest in a month in London as China reduced interest rates for the second time in four weeks, while a strike prompted Norway’s largest oil producer to announce it would halt production.

Brent futures gained as much as 2.6 percent. China’s one-year lending rate will fall by 31 basis points and the one-year deposit rate will drop by 25 basis points effective tomorrow, the People’s Bank of China said on its website today. About 2 million barrels a day of oil equivalent may be affected if a planned lockout of Norwegian oil workers goes ahead, according to Statoil ASA. Oil pared gains as the dollar strengthened after the European Central Bank cut interest rates.