Crude gains on North Sea pipeline outage

Crude gains on North Sea pipeline outage

On Wednesday, crude tacked on, underpinned by hopes for a dip in US crude inventories and also by the everlasting outage of the North Sea Forties pipeline system.

American West Texas Intermediate crude futures hit $57.73 a barrel, rising 0.3% from their previous settlement.

As for Brent crude futures, they reached $63.91 a barrel, adding 0.17%.

On Tuesday, the American Petroleum Institute told that American crude inventories headed south by 5.2 million barrels by December 15 to 438.7 million.

Crude have also been backed by the ongoing outage of the Forties pipeline in the North Sea – it delivers oil, which underpins Brent futures. Operator Ineos hopes a crack in the pipeline will be fixed soon.

Notwithstanding the North Sea outage as well as diving US crude inventories, crude has remained some way off their $65.63 and also $59.05 a barrel recent maximums for respectively Brent and WTI.

Market participants told soaring American crude output that has leapt by 16% since mid-2016 to 9.8 million barrels a day, was actually capping prices.

 

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