Oil prices are changing multidirectionally. Meanwhile, supply concerns persist in the market, overshadowing worries that a recession in the global economy will hit energy demand, Trading Economics writes.

The Norwegian Oil and Gas Association launched a strike at oilfields on Tuesday. According to estimates of the organization, oil production in the country in this connection may be reduced by 130 thousand barrels per day, which is 6.5% of daily oil production.

The strike is organized by the Lederne trade union, which unites managers of various levels and industries. Members of the organization at the end of last week voted against the agreement made with representatives of companies to increase wages.

Oil prices have risen by almost 50% since the beginning of the year amid global economic recovery and supply disruptions due to the situation in Ukraine. Meanwhile, quotes came under pressure last month due to signs of an impending recession in the U.S. economy amid the U.S. Federal Reserve’s (Fed) measures to fight inflation.

Investors are also watching for the gradual lifting of anti-cooking restrictions in China, where outbreaks of coronavirus infection continue to occur.

The cost of September futures for Brent crude oil on the London-based ICE Futures exchange by 8:35 Moscow time on Tuesday is $113.30 per barrel, down $0.20 (0.18%) from the closing price of the previous session. At the end of trading on Monday, these contracts rose by $1.87 (1.68%) to $113.50 per barrel.

The price of WTI oil futures for August at the electronic trading of the New York Mercantile Exchange (NYMEX) by this time rose by $1.65 (1.52%) $110.08 per barrel. The main trading on NYMEX on Monday was not held due to the weekend in the United States (Independence Day), by the close of the market on Friday, the cost of contracts rose by $2.67 (2.5%) to $108.43 per barrel.