Brent oil jumps above $65 for first time since 2015 on pipe halt
Global benchmark Brent crude jumped above $65 a barrel for the first time in two and a half years.
The price increase came after one of the most important pipelines in the world was shut because of a crack.
Futures rose as much as 1.1% in London, set for the highest close since June 10, 2015, after advancing 2% Monday. It will take about two weeks to repair the small hairline crack after was it was discovered on the North Sea Forties Pipeline System during a routine inspection, according to operator Ineos. In the US, crude stockpiles are forecast to drop a fourth week, a Bloomberg survey showed before government data Wednesday.
To keep reading
please sign up for free!
Already have an account? Sign in here.
Editor's Picks
Euro reform
—
22.06.2018
Eurozone finance ministers back new powers for ESM
Benefits
—
20.06.2018
Luxembourg refutes cross-border unemployment plan
Tax
—
20.06.2018
UK companies to face pre-Brexit tax bombshell from EU
