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US oil prices near two-year high on pipeline shutdown, falling inventories

WTI has been buoyed by the shutdown of the 590,000 bpd Keystone pipeline, one of the largest crude pipelines from Canada to the United States

Reuters  |  Singapore 

US oil prices remained near two-year highs on Thursday as the shutdown of the Keystone pipeline and a drawdown in fuel inventories pointed to a tightening market, despite rising output. US West Texas Intermediate (WTI) crude futures were at $57.95 a barrel at 0143 GMT, down 7 cents from their last settlement, but still close to 2015-highs of $58.15 a barrel reached the previous day. Brent crude futures LCOc1, the international benchmark for oil prices, were at $63.19 per barrel, 13 cents below their last close. WTI has been buoyed by the shutdown of the 590,000 ...

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First Published: Thu, November 23 2017. 09:11 IST