Brent dips below $99 as Norway intervenes; China data eyed

(Reuters) – Brent crude fell below $99 a barrel on Tuesday as Norway’s government intervened in a labor strike and ordered a last-minute settlement to prevent a full closure of its oil industry.

An employee fuels a motorcycle at a SK Energy gas station in central Seoul June 26, 2012. REUTERS/Woohae Cho

The strike over pensions, which began on June 24, had cut oil production from the world’s No. 8 oil exporter by about 13 percent and kept oil prices on the boil.

Later in the day, China’s trade data will offer a test of domestic demand in the world’s second-biggest economy as global investors seek to gauge Beijing’s ability to avoid a deep downturn in growth.

Brent fell $1.62 to $98.70 a barrel by 0939 GMT after settling up $2.13 on Monday.

U.S. crude was down $0.79 cents at $85.20 a barrel after rising $1.54 on Monday.

Rupesh Yatesh Dalal
Head Research Department

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