Brent crude jumps above $65 for 1st time since 2015 after North Sea pipeline outage

# 04:20
12 December 2017

Brent crude oil prices jumped above $65 per barrel for the first time since 2015 after the shutdown of the Forties North Sea pipeline knocked out significant supply from a market that was already tightening due to OPEC-led production cuts, APA reports quoting Reuters.


Brent crude futures LCOc1, the international benchmark for oil prices, were at $65.29 a barrel at 0253 GMT, up 60 cents, or 0.9 percent, from their last close.


That marks the first time Brent has risen above $65 since June, 2015.


U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $58.30 a barrel, up 31 cents, or 0.5 percent, from their last settlement.