Oil prices up slightly on pipeline outage support
NEW YORK (Reuters) – Oil prices rose almost 1 percent on Thursday as a pipeline outage in Britain continued to support prices despite forecasts showing global crude surplus in the beginning of next year.
U.S. West Texas Intermediate futures settled up 44 cents, or 0.8 percent, to $57.04 a barrel.
Brent crude futures settled at $62.44 a barrel, the same settlement as Wednesday.
Prices have been supported by an outage on the Forties crude pipeline that was expected to last several weeks.
“At present you can’t ignore the impact of the Forties pipeline outage,” said John Kilduff, partner at Again Capital Llc in New York, “It’s a significant amount of oil that the market is going to miss and is missing. And it’s almost surprising it’s not generating more support.”
Written by Julia Simon for Rheuters.com