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LSE: UPDATE 8-Oil falls on Norway strike end, China import slip
 
By Robert Gibbons

NEW YORK, July 10 (Reuters) - Oil prices fell more than 1 percent on Tu

esday after Norway's government ordered an end to a strike, avoiding the threat of a total production shutdown, and on data showing curtailed crude oil buying by China in June.

Brent crude retreated back under $100 a barrel after Norway's government late on Monday ordered a last-minute settlement in a dispute between striking oil workers and employers. The deal prevented a cut off of more than 2 million barrels per day (bpd) of crude oil, natural gas liquids and condensate.

Norwegian law allows the government to force striking workers back on the job to protect the industry on which much of the country's economy depends. Citing potential economic consequences, Oslo intervened in the latest dispute with the strike in its third week and minutes before an industry imposed lockout.

'The intervention (by the Norwegian government) means that a major supply disruption is prevented,' Olivier Jakob, managing director at consultancy Petromatrix, wrote in a note.

China's crude imports in June sagged to 5.29 million bpd, the lowest daily rate this year, and were 12 percent lower than the record 6.0 million bpd in May, even though, year-on-year, imports were up 10.3 percent.

Brent August crude fell $1.54 to $98.78 a barrel at 11:25 a.m. EDT (1525 GMT), having fallen as much as $2.10 to $98.22 intraday.

U.S. August crude was down 90 cents at $85.09 a barrel, having traded from $84.62 to $85.95.

Brent's premium to U.S. crude slipped back below $14 and hovered near $13.65 a barrel.

Brent's total crude trading volume outpaced U.S. dealings, but turnover for both substantially lagged 30-day averages approaching midday in New York.
Source