Oil Futures Rise Further on North Sea Pipeline Closure
December 11 2017 - 10:40PM
Dow Jones News
By Lucy Craymer
--Prices for Brent crude, the global benchmark, hit fresh 2
1/2-year highs in Asian trading Tuesday building on the
start-of-week jumped caused by news that a major pipeline in Europe
is being shut for weeks after a crack was found.
--January light, sweet crude on the New York Mercantile Exchange
was recently up 0.4% at $58.24 a barrel in the Globex trading
session. February Brent rose 0.7% to $65.17.
--Ineos Ltd. said Monday the Forties pipeline system would be
closed for a "matter of weeks" after a hairline fracture discovered
last week grew. ANZ said the market reaction shows as the global
production-cap deal continues, any supply issue will quickly be
reflected in higher prices.
Write to Lucy Craymer at lucy.craymer@wsj.com
(END) Dow Jones Newswires
December 11, 2017 22:25 ET (03:25 GMT)
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