Oil prices edge up on North Sea pipeline repairs and ongoing Opec cuts
Singapore/London — Oil prices edged up on Friday, lifted by the Forties pipeline outage in the North Sea, ongoing oil cartel Opec-led production cuts and a decline in global stocks, although rising US output kept a lid on markets. US West Texas Intermediate (WTI) crude futures were at $57.37 a barrel at 11.37am GMT, up 33c, or 0.58%, from their last settlement. Brent crude futures, the international benchmark for oil prices, were at $63.44 a barrel, up 13c, or 0.2%, from their previous close. The ongoing outage of the Forties pipeline, which carries North Sea oil to Britain, was the main price driver, traders said. While the pipeline outage, physically mostly affects the North Sea region, it is of global relevance as the crude it supplies is part of the deliveries that underpin the Brent price benchmark. "If the duration of the outage is for several weeks it should put upward pressure on the Brent price," Jefferies said in a note. Beyond the North Sea supply disruption, traders and ...
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