Oil edges up on North Sea pipeline outage, lower US crude stocks
Oil prices inched up supported by expectations of a fall in U.S. crude inventories and by the ongoing outage of the North Sea Forties pipeline system. The American Petroleum Institute said that U.S. crude inventories fell by 5.2 million barrels in the week to Dec. 15 to 438.7 million. Oil prices have also been supported by the continuing outage of the Forties pipeline in the North Sea, which delivers crude underpinning Brent futures.
Most analysts expect U.S. output to break through 10 million bpd soon, which would be a new record and take it to levels on par with top exporter Saudi Arabia and close to top producer Russia, which pumps around 11 million bpd.
(Positive for Crude)
Source: Reuters
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