close
Advertisement
Can't connect right now! retry

add The News to homescreen

tap to bring up your browser menu and select 'Add to homescreen' to pin the The News web app

Got it!

add The News to homescreen

tap to bring up your browser menu and select 'Add to homescreen' to pin the The News web app

Got it!
REUTERS
February 9, 2018

Oil up

Business

REUTERS
February 9, 2018

Singapore : Oil prices largely reversed earlier falls on Thursday as a North Sea pipeline outage and record Chinese imports countered U.S. crude production soaring past 10 million barrels per day.

Brent crude futures were at $65.51 per barrel at 0721 GMT, flat from their last close and up from a 2018-low of $65.12 a barrel reached early in the session.

U.S. West Texas Intermediate (WTI) crude futures were at $61.73 a barrel. That was down 3 cents from their last settlement, but a recovery from a session-low of $61.33 a barrel. Support on Thursday came from the second outage in as many months on the 450,000 bpd Forties pipeline network, Britain´s biggest, which supplies much of the crude underpinning Brent futures, although operator Ineos said it would likely restart the pipeline by Thursday. Record Chinese crude imports in January of 9.57 million bpd also supported prices, traders said.

Topstory minus plus

Opinion minus plus

Newspost minus plus

Editorial minus plus

National minus plus

World minus plus

Sports minus plus

Business minus plus

Karachi minus plus

Lahore minus plus

Islamabad minus plus

Peshawar minus plus