Oil prices rose today after failure of labour talks in Norway for the third time, increasing the risk of a total shutdown in oil and gas production.

Meanwhile, investors are awaiting China’s GDP data report scheduled for later this week and hope that the nation may ease its monetary policy, thereby improving fuel demand.

Brent rose by 35 cents to $98.54 a barrel while US crude rose by 27 cents at $84.72, reports Reuters.

Iran, through a private consortium, has reached agreements with European refiners to sell its oil, while Libya has resumed oil production and exports and Yemen is set to follow suit.