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Saturday, August 20, 2022

Markets sag once again

The Oslo Stock Exchange started the week with another sharp decline for the third week in a row. Its main index was down 4.9 percent at Monday’s close of trading, to 635.93, and the price of Norway’s most important export commodity fell again, too.

The price of a barrel of North Sea crude oil was down 3.52 percent by Monday evening, to just USD 26, two hours after the country’s share trading also closed at a loss. It was a gloomy downturn after an upturn on Friday that didn’t last nearly as long as hoped

As the Corona pandemic continues to disrupt business and daily lives all over the planet, analysts and economists were now worried about how the US Congress failed to agree on an enormous economic relief package.

“But the real problem is how the virus is spreading, and how people are realizing how bad it’s going to get,” Øystein Børsum, chief economist at Swedbank, told newspaper Dagens Næringsliv (DN). “It’s going to be a very sour week.”

newsinenglish.no staff

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