Oil scaled a new high above $55 a barrel today as a threat by Norwegian oil and gas employers to halt production from the world's third biggest exporter stoked fears of a winter supply crunch.
US light crude set a fresh peak of $55.67 a barrel before easing to $55.09 a barrel, down 8 cents. London Brent posted a record $51.90 a barrel before slipping to $51.18, down 4 cents. Prices are up 70 per cent since the start of the year.
Employers group the Norwegian Shipowners Association threatened to expand a lockout of oil rig workers to shut Norway's three million barrels per day of oil output in a bid to force an end to a four-month-old labour dispute.
"The expansion, which will start from midnight on Monday November 8, will have immediate effect and will halt all oil and gas production on the Norwegian continental shelf within a week," the association said.