Brent crude oil jumps to mid-2015 high after North Sea pipeline outage
Tuesday,
12-Dec-2017
04:12 PM (IST)
Brent oil prices jumped by 1 percent on Tuesday to their highest since mid-2015, after the shutdown of the Forties North Sea pipeline knocked out significant supply from a market already tightening due to OPEC-led production cuts.Brent crude futures, the international benchmark for oil prices, were at $65.32 a barrel, up 63 cents, or 1 percent, from their last close. The contract hit a high of $65.70 a barrel earlier in the day.That marks the first time Brent has risen above $65 since June, 2015.U.S. West Texas Intermediate crude futures were at $58.38 a barrel, up 39 cents, or 0.7 percent, from their last settlement.
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