Oil rises

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.

U.S. 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 driver, traders said. "Forties pipeline operator Ineos declared force majeure on crude deliveries following Tuesday´s discovery of leaks in the pipeline, indicating that repairs could take several weeks," U.S. investment bank Jefferies said.

While the pipeline outage physically mostly affects the North Sea region, it is of global relevance as the crude it supplies is part of the supply that underpins the Brent price benchmark.