Oil Rebounds From Biggest Drop in Two Weeks on Norwegian Strike

Oil rebounded in New York on speculation the biggest drop in two weeks was excessive as Norway faced a shutdown of its production platforms because of an energy strike.

Futures advanced as much as 0.7 percent after falling 3.2 percent on July 6, the biggest decline since June 21. A planned lockout of workers on Norwegian oil platforms will go ahead as planned at midnight unless a solution is found today, according to Bengt Eidem, a spokesman for the Norwegian Oil Industry Association. Prices slid last week after a report showed the U.S., the world’s biggest crude user, created fewer jobs than estimated in June.