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Oil slips towards $65 as Forties pipeline moves closer to restart

Brent crude, the international benchmark for oil prices, slipped 15 cents to $65.10 a barrel at 1153 GMT


Representative Image
Representative Image

edged lower towards $65 a barrel on Tuesday, but remained within sight of its highest level since mid-2015, as the looming restart of a North Sea pipeline offset support from Opec-led supply cuts. The North Sea Forties pipeline, which plays an important role in the global market, is being tested following repairs and full flows should resume in early January, its operator Ineos said on Monday.

Brent crude, the benchmark for prices, slipped 15 cents to $65.10 a barrel at 1153 GMT. Prices hit $65.83 on December 12, the highest since June 2015. crude was down 7 cents at $58.40.

First Published: Wed, December 27 2017. 01:08 IST