Singapore — Oil markets were stable on Friday as the Forties pipeline outage in the North Sea and the ongoing Opec-led production cuts supported prices, while rising output from the US kept crude from rising further. US West Texas Intermediate (WTI) crude futures were at $57.13 a barrel at 1.19am GMT, up 9c from their last settlement. Brent crude futures, the international benchmark for oil prices, were at $63.35 a barrel, up 4c from their last close. Traders said markets were overall well supported by efforts led by oil cartel Opec and Russia to withhold supply to prop up prices. The ongoing outage of the Forties pipeline, which carries North Sea oil to Britain, was also buoying crude prices, traders said, as inventories around the world were gradually being drawn down. "Inventory drawdowns keep us confident that longer-term market fundamentals are headed in the right direction and supply and demand imbalances will pull oil back up to marginal cost," Bernstein Research said. "We fo...
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