Brent jump above $65 for the first time since 2015
Oil gains after the shutdown of the Forties North Sea pipeline knocks out supply, adding to the effect of Opec-led production cuts
Singapore — Brent crude oil prices jumped above $65 a barrel for the first time since 2015 after the shutdown of the Forties North Sea pipeline knocked out significant supply from a market that was already tightening due to Opec-led production cuts. Brent crude futures, the international benchmark for oil prices, were at $65.29 a barrel at 2.53am GMT, up 60c, or 0.9%, from their last close. That marks the first time Brent has risen above $65 since June, 2015. US West Texas Intermediate (WTI) crude futures were at $58.30 a barrel, up 31c, or 0.5%, from their last settlement. “Brent crude raced higher … as news broke that the North Sea’s Forties Pipeline system would have to be shut down for a ‘number of weeks’ after a hairline crack was found in it,” said Jeffrey Halley, senior market analyst at futures brokerage Oanda in Singapore. “The pipeline … is a significant component underpinning the Brent benchmark.” Britain’s Forties oil pipeline, the country’s largest at a capacity of 450,...
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