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Oil rises above $65 for first time since 2015 on North Sea pipeline outage

Oil also gained support from expectations the latest reports on US inventories will show a further tightening of supplies

Reuters  |  London 

Oil rose above $65 a barrel for the first time since mid-2015 on Tuesday as an unplanned shutdown of the UK's biggest North Sea oil pipeline supported a market already tightened by Opec-led production cuts. The Forties oil pipeline helps set global oil prices. It was scheduled to pump 406,000 barrels per day (bpd) in December, but was shut down on Monday after cracks were found in what traders believe is the first unplanned outage for some years. Brent crude, the global benchmark, was up by 90 cents at $65.59 at 0915 GMT, after breaking above $65 for the first time since June ...

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First Published: Tue, December 12 2017. 15:37 IST