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.

 

Similar

Popular

Greenback descends versus yen

On Thursday, the evergreen buck was just a touch lower versus the Japanese yen after reaching an eight-week peak overnight…

Gold is at 5-month minimums on stronger greenback

On Friday, gold dived to five-month minimums because optimism as for the US tax reform overhaul kept underpinning demand for the US dollar ahead of the highly-anticipated American nonfarm payrolls report to be released a bit later in the day…

Gold descends on profit-taking in Asia

On Monday, gold sank on profit-taking in Asia because market participants are closely watching the evergreen buck for potential further dives closely connected with a more gentle than anticipated rate lift path by the key US bank in 2018 after gloomy…

promotions you can be interested in

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera