London — US oil prices eased back from a two-year high on Thursday, as concerns about oversupply outweighed the impact of a pipeline shutdown in the US. US light crude was trading down 17c at $57.85 a barrel at 10.15am GMT, slipping from its highest level since mid-2015 reached on Wednesday of $58.15. Brent crude was at $62.98 per barrel, or 34c below its last close. US crude had been boosted by the shutdown of the 590,000 barrel per day (bpd) Keystone pipeline, which runs from Canada to the US. Last week’s closure, due to an oil spill, sent crude prices to their highest since June 2015. However, rising production in the US has renewed concerns about global oversupply. US output has risen by 15% since mid-2016 to a record 9.66-million bpd. The US, previously the world’s biggest importer of crude oil, is now one of its biggest exporters, behind Russia and Saudi Arabia. "The US will, without question, be the biggest oil producer in the world in the next five years. They are producing ...
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