Oil up in Asia for the second day on Norway strike

For the oil markets, focus has shifted from Brexit to a possible drop in the supply from Norway. Thus, prices at both the sides of the Atlantic are up in Asia for the second straight day.

At the time of writing, WTI oil futures were up 36 cents or 0.73% at $48.20/barrel. Brent futures were up 8 cents or 0.16% at $49.50/barrel.

Prices fell sharply on Monday on Brexit shock. However, Brexit was never going to be a game changer for oil markets, as it represents an internal tussle in Europe. Hence, the focus is back on demand/supply dynamics.

As of now, prices are on the rise as a looming strike by Norwegian oil and gas field workers could lead to a drop in the output from the biggest North Sea producer. Furthermore, the American Petroleum Institute (API) released in late NY session showed crude inventories could have fallen nearly 4 million barrels for the week to June 24.