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International benchmarks for oil prices reversed the falling trend, which took place since the Britain voted to leave the EU last Thursday on threat of union strikes by Norwegian oil and gas workers and expectations of another drop in US crude inventories, according to the WSJ. Up to 7,500 Norwegian oil and gas workers could go on strike starting Saturday to demand for new wages, which might limit production from one of Europe’s major producers. Norway produced 1.96 million barrels a day in May, or about 2.1% of the world’s oil output, according to the International Energy Agency. Besides, market is waiting for data on the US commercial crude inventories on Wednesday. Analysts are expecting some 2 million barrels drop in US crude supplies last week.

WTI closed at $47.85/barrel (+$1.52) August delivery

Brent closed at $48.58/barrel (+$1.42) August delivery