Here’s what you need to know ahead of Monday’s Tadawul trading

Oil Updates – Crude Lowers Slightly; Norwegian oil companies and employees agree on wage agreement; Sri Lanka ready to buy Russian oil

RIYADH (Reuters) – Oil prices fell on Monday as a spike in COVID-19 cases in Beijing dashed hopes of a quick recovery in China’s fuel demand, while concerns over the Global inflation and slow economic growth further depressed the market.

Brent crude futures fell $1.81, or 1.48%, to $120.20 a barrel at 0443 GMT, while US West Texas Intermediate crude was at $118.81 a barrel, down $1.86, or 1.54%. Both contracts fell more than $2 earlier in the session.

Prices fell after Chinese authorities warned on Sunday of a “fierce” spread of COVID-19 in the capital and announced plans to conduct mass testing in Beijing until Wednesday.

Norwegian oil companies and workers agree on wage deal

Norwegian oil companies and employees have agreed in principle to a new wage deal, averting, for now, a strike at nine fields that could have affected the country’s oil production, employers said on Sunday. and unions.

Two of the three unions that have negotiated with the oil companies will seek the approval of their members before formally endorsing the deal, the lobby representing employers and two union leaders told Reuters.

“Agree. No strike. But Lederne and Safe (unions) send the results to a referendum (of) their members,” a spokesman for the Norwegian oil and gas lobby said.

According to the Safe, Industri Energi and Lederne unions, some 845 workers out of around 7,500 employees on offshore platforms had planned a strike from June 12 if annual wage negotiations with employers failed.

The largest of the three unions, Industri Energi, has reached a pay deal and will not seek approval from its members, it said in a statement.

The leader of the Safe union said he would seek the green light from its members before approving the negotiated agreement.

Sri Lanka ready to buy Russian oil

Sri Lanka may be forced to buy more oil from Russia as the country faces shortages amid an unprecedented economic crisis, its prime minister has told The Associated Press.

Prime Minister Ranil Wickremesinghe, in an interview with the news agency on Saturday, said he would look to other sources first, but would be willing to buy more crude from Moscow.

The country is in the midst of its worst financial crisis in seven decades and is running out of dollars to pay for essential imports, including food, fuel and medicine.

As Washington and its allies try to cut financial flows supporting Moscow’s war effort, Russia is offering its crude at a huge discount, making it extremely attractive to a number of countries.

(Contributed by Reuters)

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