Oil prices increase amid fears of petroleum workers' strike in Norway

The price for a barrel of Brent oil increased by about 3 percent to reach $48.73. The price for WTI oil showed a similar rise - more than 1.5 percent - to $47.32 per barrel.

The increase in oil prices comes amid uncertainty in Norway where more than 750 employees may go on strike on Saturday if a new wage deal is not agreed by Friday. The final round of negotiations is scheduled for June 30 and July 1, Spuniknews.com reports.

If the sides fail to reach a compromise the strike may result in significant decreases in Norwegian oil and gas production.

Source: Sputniknews.com