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Brent oil hits two-year high after North Sea pipeline is closed for repairs | |
(about 3 hours later) | |
Global benchmark Brent crude jumped above $65(£48.70) a barrel for the first time in two and a half years after one of the most important oil pipelines in the world was shut. | Global benchmark Brent crude jumped above $65(£48.70) a barrel for the first time in two and a half years after one of the most important oil pipelines in the world was shut. |
Futures rose 0.8 per cent in London, on course for their highest close since 10 June, 2015, after advancing 2 per cent Monday. It will take about two weeks to repair the North Sea Forties Pipeline System after a small hairline crack was discovered during a routine inspection, according to operator Ineos. | Futures rose 0.8 per cent in London, on course for their highest close since 10 June, 2015, after advancing 2 per cent Monday. It will take about two weeks to repair the North Sea Forties Pipeline System after a small hairline crack was discovered during a routine inspection, according to operator Ineos. |
In the US, crude stockpiles are forecast to drop a fourth week, a Bloomberg survey showed before government data Wednesday. | In the US, crude stockpiles are forecast to drop a fourth week, a Bloomberg survey showed before government data Wednesday. |
Oil is heading for a second yearly gain as the Organization of Petroleum Exporting Countries and its allies including Russia extend supply cuts through to the end of 2018. | Oil is heading for a second yearly gain as the Organization of Petroleum Exporting Countries and its allies including Russia extend supply cuts through to the end of 2018. |
A strategy to exit the deal can be drafted in June if the market is no longer oversupplied by then, according to United Arab Emirates Energy Minister Suhail Al Mazrouei. | A strategy to exit the deal can be drafted in June if the market is no longer oversupplied by then, according to United Arab Emirates Energy Minister Suhail Al Mazrouei. |
“If the market has some visibility on how long it’s going to take to repair the pipeline, that removes some of the uncertainty and reduces the risk premium,” said Ric Spooner, a Sydney-based analyst at CMC Markets. “The relatively high global inventories will possibly cap any rally we have from here.” | “If the market has some visibility on how long it’s going to take to repair the pipeline, that removes some of the uncertainty and reduces the risk premium,” said Ric Spooner, a Sydney-based analyst at CMC Markets. “The relatively high global inventories will possibly cap any rally we have from here.” |
Brent for February settlement was at $65.20 a barrel on the London-based ICE Futures Europe exchange, up 51 cents, at 10:40am Hong Kong time. Prices rose $1.29, or 2 per cent, to $64.69 on Monday. The global benchmark traded at a premium of $6.89 to February West Texas Intermediate. | Brent for February settlement was at $65.20 a barrel on the London-based ICE Futures Europe exchange, up 51 cents, at 10:40am Hong Kong time. Prices rose $1.29, or 2 per cent, to $64.69 on Monday. The global benchmark traded at a premium of $6.89 to February West Texas Intermediate. |
WTI for January delivery gained 30 cents to $58.29 a barrel on the New York Mercantile Exchange after advancing 1.1 per cent on Monday. Total volume traded was about 20 per cent below the 100-day average. | WTI for January delivery gained 30 cents to $58.29 a barrel on the New York Mercantile Exchange after advancing 1.1 per cent on Monday. Total volume traded was about 20 per cent below the 100-day average. |
The supplies that flow through the Forties Pipeline System are the single largest constituent part of so-called Dated Brent crude that helps to settle more than half the world’s physical oil prices. The shutdown forced Apache Corporation to suspend operations at its nearby Forties field. | The supplies that flow through the Forties Pipeline System are the single largest constituent part of so-called Dated Brent crude that helps to settle more than half the world’s physical oil prices. The shutdown forced Apache Corporation to suspend operations at its nearby Forties field. |
Bloomberg | Bloomberg |
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