New York — Oil prices rose Monday, reversing earlier declines, after a North Sea pipeline shut for repairs and investors focused on commodities following an explosion in New York. Brent crude futures, the international benchmark for oil prices, rose $1.01 to $64.41 a barrel by 4.05pm GMT. US West Texas Intermediate (WTI) crude futures were at $57.70 a barrel, 35c above their last settlement. The difference between the two grades was the largest since late October, as Brent rallied after the shutdown of the pipeline that carries the largest grade of North Sea crude oil. The 450,000 barrels per day pipeline, which carries Forties crude from the North Sea to the Kinneil processing terminal in Scotland, has been operating at reduced capacity for about four days before the shutdown. The market had expected the pipeline to return to service quickly and was surprised by the extended shutdown, said John Kilduff, partner at Again Capital LLC in New York. "It’s a significant amount of crude o...
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