Oil prices rose in early trading in Asia on Tuesday as a looming strike in Norway threatened to cut output in western Europe's biggest producer, although Britain's vote to leave the European Union was still weighing on markets.
The affected fields account for nearly 18 percent of Norway's oil output and a little more than 17 percent of its natural gas, Reuters calculations show. Combined oil output was about 285,000 barrels per day in the first four months of the year, with natural gas output at 48.5 million cubic metres (mcm) per day.
London Brent crude futures were trading at USD47.58 per barrel at 0032 GMT, up 42 cents from their previous settlement.
"Crude oil led the sector lower as investors continued to dump risky assets. Oil was also weighed down by news that a successful ceasefire in Nigeria has allowed repairs to oil pipelines that has restricted the country's ability to export oil,"
Oil production in Nigeria has risen to about 1.9 million bpd from 1.6 million bpd due to repairs and more than a week having passed since a major pipeline attack in the Niger Delta, a state oil company spokesman said on Monday.
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