Oil price drops sharply

Oil pricePetrouleum. Photo: Pixabay.com

Norwegian currency weakened by Oil price drop

 

The drop in oil price has weakened the Norwegian Currency, but Oslo Børs was in the green after one hour of trading on Friday.

The main index on the Oslo Stock Exchange was at 701.61 points at 00.10, an increase of 0.23%. Several oil-related shares noted a drop in prices when the stock exchange opened.

Statoil was the most traded and the stock fell from the day’s start, but by 00.10 it had increased by 1%.

Norwegian Air shuttle was also heavily traded the same day as the company posted good passenger numbers. The stock rose 7.89%, an increase that placed Norwegian in line with the main index.

Oil prices are now at their lowest level in almost half a year. After falling all week, the decline accelerated during Friday’s Asian trade, TT reported.

The price of North Sea oil was well below US$50 – a barrel, selling for US$47.9 on Friday morning. In the past week the, decline was at approximately 8%.

The price is below the level agreed before the OPEC countries cut production to bring up the price of a world market characterised by overcapacity.

 

Source: NTB scanpix / Norway Today

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