U.S. cash crude-diffs mixed as Norway ends oil strike
NEW YORK, July 10 (Reuters) - U.S. cash crude grades were mixed on Tuesday as the transatlantic crude spread narrowed and Norway's government ordered an end to a strike that threatened to entirely shut in North Sea crude production.
Mars sour MRS- firmed slightly, trading for as much as $10.15 a barrel above West Texas Intermediate WTC-, or 15 cents higher than its biggest advantage to WTI reported on Monday. Alaska North Slope ANS- traded for $15.75 a barrel above WTI, up from +$15.50 on Monday.
West Texas Intermediate at Midland WTM- traded for as much as $1.25 a barrel below WTI, down from $1.15 below on Monday.
Oslo intervened late Monday in Norway's oil strike, with the government ordering a halt to the labor action before it could completely shut down the exporting country's production from the North Sea.
The U.S. Energy Information Administration, in a monthly energy market report, revised downward its outlook for global oil consumption this year and next on signs of lagging world economic growth, but said that U.S. crude oil production was slated to rise to the highest level since 1997 this year.
The end of a three week-long oil strike in Norway helped to narrow the transatlantic crude spread, which had widened to as much as $14.65 a barrel in favor of Brent on Monday, to less than $14 a barrel on Tuesday.
It also pushed oil futures prices lower, with U.S. crude settling down $2.08 per barrel to $83.91 a barrel. (Reporting by New York Energy Desk; Editing by David Gregorio)
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