As oil drops below $55 a barrel, speculation is growing that the central bank of western Europe ’s biggest crude producer will need to cut rates again. A 54 percent slump in Brent crude since a June high has pummeled the offshore industry in Norway , where oil and gas make up 22 percent of gross domestic product. Over the same period the krone has lost about 20 percent against the dollar and 8 percent against the euro. The OBX benchmark stock index is down about 12 percent. The central bank delivered a surprise rate cut last month it said was triggered by plunging crude prices. Since then the oil price development has proven even worse than the central bank anticipated. In an interview yesterday, Governor Oeystein Olsen said $55 oil is “clearly lower” than expected in December. At Norway’s biggest bank, DNB ASA (DNB) , economists say Olsen […]