Singapore — Oil edged up on Monday, lifted by an ongoing North Sea pipeline outage and signs that booming US crude output growth may be slowing. Nonetheless, the outlook for oil markets is that supplies will remain ample despite ongoing production cuts led by cartel Opec. US West Texas Intermediate (WTI) crude futures were up 9c or 0.2% at $57.39 a barrel at 4.47am GMT. Brent crude futures, the international benchmark for oil prices, were at $63.37 a barrel, up 14c or 0.2% from their last close. Traders said the slightly higher prices came on the back of the North Sea Forties pipeline system outage, which provides crude that underpins the Brent price benchmark, as well as indicators that US oil production growth may be slowing down. "The shutdown of the Forties pipeline in the North Sea, combined with inventories hitting a two-year low, helped paint a positive (oil price) picture," ANZ bank said on Monday. In the US, energy companies cut rigs drilling for new production in the week ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.