Brent crude oil hits 2½-year high on Forties pipeline outage

Brent crude oil prices spiked to the highest level in 2½ years on Monday on news that a major pipeline in the U.K.’s North Sea will shut down for repairs.

The Forties pipeline system will close for several weeks while its operator, INEOS, repairs a crack in a pipe discovered last week. The pipeline carries about 450,000 barrels a day of Forties crude from offshore fields in the North Sea to a processing plant in Scotland.

Brent hit a session high of $64.85, its highest level since June 24, 2015. The benchmark had earlier jumped along with U.S. crude futures following an attempted terrorist attack in midtown Manhattan.
more at:  https://www.cnbc.com/2017/12/11/brent-crude-oil-hits-2-12-year-high-on-major-pipeline-outage.html

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