Crude rallies towards $64 on British pipeline outage

Crude rallies towards $64 on British pipeline outage

On Tuesday, crude tacked on towards $64 a barrel, underpinned by the Forties pipeline outage in the North Sea, not to mention OPEC-led supply cuts as well as hopes that American crude inventories headed south for a fifth week.

Soaring output in America put a lid on revenues. However, shale output will soar to a record high in January, as a government estimate published on Monday states because higher prices encourage crude producers to pump more.

Brent crude futures gained 34 cents being worth $63.75 a barrel, while American crude futures also acquired 34 cents hitting $57.50.

The unexpected shutdown of Forties since the previous week has underpinned Brent as Forties appears to be the largest of the North Sea crude grades backing the benchmark. On December 2 Brent hit $65.83, which is its highest value since mid-2015.

A deal by OPEC along with non-member producers, such as Russia to reduce to tame a supply glut has also underpinned oil prices.


Oil market updates on October 23

According to yesterday’s news OPEC is considering further production cuts. The next meeting of oil-producing countries is scheduled for December 5-6. The announcement pushed the oil prices up yesterday.

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