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Business

REUTERS
February 9, 2018

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Oil up

Oil up

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.

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