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Oil prices rise on pipeline shutdown

Xinhua,December 15, 2017 Adjust font size:

NEW YORK, Dec. 14 (Xinhua) -- Oil prices climbed on Thursday as a pipeline shutdown in the United Kingdom's North Sea continued to lift the prices.

Oil prices were supported by news that the Forties pipeline system will close for another few weeks while its operator repairs a crack in a pipe discovered last week.

The pipeline was reported to carry about 450,000 barrels a day of Forties crude from offshore fields in the North Sea to a processing plant in Scotland.

The West Texas Intermediate for January Delivery added 0.44 dollar to settle at 57.04 dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery gained 0.87 dollar to close at 63.31 dollars a barrel on the London ICE Futures Exchange. Enditem

 

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