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Oil prices rise on North Sea pipeline outage, but rising US output looms

The ongoing outage of the Forties pipeline, which carries North Sea oil to Britain, was the main price driver, traders said

Reuters  |  SINGAPORE 

Oil prices moved up on Friday, lifted by the Forties pipeline outage in the North Sea and ongoing OPEC-led production cuts, although rising output from the United States kept a lid on markets. US West Texas Intermediate (WTI) crude futures were at $57.21 a barrel at 0651 GMT, up 17 cents, or 0.3 percent, from their last settlement. Brent crude futures, the international benchmark for oil prices, were at $63.46 a barrel, up 15 cents, or 0.2 percent, from their previous close. The ongoing outage of the Forties pipeline, which carries North Sea oil to Britain, was the main price ...

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First Published: Fri, December 15 2017. 15:40 IST
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