Brent crude oil hits 2½-year high on Forties pipeline outage

A general view of the BP ETAP (Eastern Trough Area Project) oil platform in the North Sea around 100 miles east of Aberdeen, Scotland.

Tom DiChristopher
Brent crude oil prices spiked to the highest level in 2½ years on Monday on news that a major pipeline in the U.K.'s North Sea will shut down for repairs.
The Forties pipeline system will close for several weeks while its operator, INEOS, repairs a crack in a pipe discovered last week. The pipeline carries about 450,000 barrels a day of Forties crude from offshore fields in the North Sea to a processing plant in Scotland.
Brent hit a session high of $64.85, its highest level since June 24, 2015. The benchmark had earlier jumped along with U.S. crude futures following an attempted terrorist attack in midtown Manhattan.
Link : https://www.cnbc.com/amp/2017/12/11/brent-crude-oil-hits-2-12-year-high-on-major-pipeline-outage.html

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