CALGARY, Alberta: Oil prices dipped on Wednesday, as a rally ran out of momentum a session after crude hit a near 2-1/2-year high on supply outages in Libya and the North Sea.Brent crude futures settled at $66.44 a barrel, down 0.9 percent, or 58 cents. U.S. West Texas Intermediate (WTI) crude futures settled at $59.64 a barrel, down 33 cents, or 0.6 percent.The previous day, Brent broke through $67 for the first time since June 2015 and WTI rose above $60 a barrel for the first time since May 2015. [API/S]On Tuesday, Libya lost around 90,000 barrels per day (bpd) of crude oil supplies after a pipeline feeding Es Sider port was blown up. On Wednesday, Forties was pumping at half its normal capacity. Its operator was pledging to resume full flows in early January.The Forties and Libyan outages together amount to around 500,000 bpd, relatively small in a global market of about 100 million bpd.

Source: The Star December 27, 2017 22:07 UTC