Oslo Børs rejects – sharp drop in oil prices – E24

The Oslo Stock Exchange opened 0.77 percent higher on Monday morning. However, half an hour after the stock market opened, the main index has turned red, but shortly after the stock market is red again.

At 10 o’clock, the Oslo Stock Exchange is up 0.32 percent to 814.46 points.

Wall Street closed lower on Friday night, while Asian stock markets rose on Monday after a rebound in Chinese industry. The industry’s Purchasing Managers Index (PMI) ended at 53.6, up from the expected 53.0, according to a CNBC poll.

Seadrill falls after contract expires

Nel is trading over an hour after the stock market opened, down 1.22 percent. Equinor is just behind and is up 1 percent. Aker BP is trading without dividends and is down 0.34 percent.

Seadrill’s agreement with creditors on deferral of payment has expired, the company announced this weekend. Therefore, creditors are free to defaults on the business when Seadrill fails to pay interest and rent.

The stock was down more than 20 percent at the open, but after an hour it recovered some of the drop with a 13.87 percent drop.

Sharp drop in oil prices

The price of oil has fallen overnight and has long been down more than 3 percent from overnight levels. At 10 a.m., the drop slows to a 2.17 percent decline on the day at $ 37.02 a barrel.

Overnight, the price of oil fell to $ 35.80 a barrel, a price not seen since May, according to Reuters.

The price is affected by the contagion situation in Europe as more countries prepare to close again, writes Reuters. Also, production in Libya is increasing after a ceasefire in the country’s civil war.

Seadrill’s agreement on deferral of payment has expired