Brent crude, the global benchmark, was up by 36 cents at $65.05 at 1414 GMT, after breaking above $65 for the first time since June 2015 and trading as high as $65.83. Photo: BloombergLondon: Oil rose above $65 a barrel for the first time since mid-2015 on Tuesday following a shutdown of the UK’s biggest North Sea oil pipeline, which helps set the benchmark for global prices. Brent crude, the global benchmark, was up by 36 cents at $65.05 at 1414 GMT, after breaking above $65 for the first time since June 2015 and trading as high as $65.83. “With no timeframe yet available as to when supplies through the Forties pipeline will resume, bulls are in control,” said Ole Hansen of Saxo Bank. Analysts and traders said the outage was likely to cause significant delays in the loading of Forties crude cargoes.

Source: Mint December 12, 2017 15:56 UTC