Tokyo: Oil prices edged up on Tuesday, extending the previous day's rally driven by a halt in production at Norway's Johan Sverdrup oilfield. Brent crude futures for January delivery rose 15 cents, or 0.2%, to $73.45 a barrel by 0430 GMT, while U.S. West Texas Intermediate crude futures for December delivery were at $69.31 a barrel, up 15 cents, or 0.2%. The more active WTI January contract rose 13 cents, or 0.2%, to $69.30. According to Bahrain News Agency, both benchmarks climbed more than $2 a barrel on Monday after Norway's Equinor announced a halt in output from its Johan Sverdrup oilfield, Western Europe's largest, due to an onshore power outage. This disruption has added pressure to the global oil supply, contributing to the increase in prices. In addition to the situation in Norway, Kazakhstan's biggest oil field, Tengiz, operated by U.S. major Chevron, has reduced oil output by 28% to 30% due to ongoing repairs. The country's energy ministry indicated that repairs are expected to be completed by Sa turday. This reduction in output is further tightening global supplies, reinforcing the upward trend in oil prices.
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