Brent overleaps $65 for the 1st time since 2015

Brent overleaps $65 for the 1st time since 2015

On Tuesday, Brent crude futures rallied above $65 a barrel for the first time since 2015 following the shutdown of the Forties North Sea pipeline, which knocked out considerable supply from a market, which was already tightening because of OPEC-led output cuts.

Brent crude futures hit $65.29 a barrel, soaring 0.9% from their previous close. It definitely marks the first time the benchmark has grown above $65 since June 2015.

American West Texas Intermediate crude futures reached $58.30 a barrel, gaining 0.5% from their previous settlement.

The UK’s Forties oil pipeline, which is the country's largest at a capacity of about 450,000 barrels a day faced an emergency shutdown after cracks were spotted.

The leap in Brent prices extended its premium to WTI prices to nearly $7 a barrel, jumping from approximately $5 the previous week and making American crude exports more attractive.

American output is currently not far off that of leading producers Saudi Arabia and Russia.



Japan real wages surge is slowest in almost two years

Japan's March real wages went down at the fastest pace in nearly two years, weighed by minor nominal pay lifts as well as a moderate ascend in consumer prices, thus posing a setback for Prime Minister Shinzo Abe's tries to revitalize the Japanese…

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