Oil prices revived a bit heading into the weekend on Friday but after dipping below the USD 60 mark earlier in the week, some analysts think they can fall some more. That’s not the best news for an oil-producing country like Norway.
“It’s now a bear market,” wrote oil analyst Helge André Martinsen of DNB Markets. He noted how a barrel of Norway’s North Sea Brent crude oil is now down more than 20 percent just since April. It dipped to USD 57.47 Thursday night, but rose again to USD 58.71 late Friday afternoon. That compares to prices of nearly USD 75 earlier this year.
Like the weak Norwegian krone, the oil price has been hit by the uncertainty created by US President Donald Trump’s trade war with China.