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North Sea Forties pipeline restarted; crude oil keeps sliding

Published 02/08/2018, 07:43 AM
© Reuters.  North Sea Forties pipeline restarted; crude oil keeps sliding
  • The North Sea’s Forties pipeline system was successfully restarted overnight after a short halt, resuming flows of 450K bbl/day from one of the world's most important crude oil conduits.
  • Brent crude spiked briefly yesterday on news of the halt but closed sharply lower as the U.S. Energy Information Administration reported an increase in the country’s crude stockpiles.
  • "Clearly, the data points to an imbalanced market and oil prices have responded by turning sharply lower," says Fawad Razaqzada, market analyst at futures brokerage Forex.com.
  • Crude resumes its five-day slide, with Brent -0.9% at $64.91/bbl and WTI -0.8% at $61.25/bbl.
  • ETFs: USO, OIL, UWT, UCO, DWT, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, WTIU, OILK, OILX, WTID, USOI, USOU, USOD, UBRT, DBRT, USAI
  • Now read: Weekly Oil Storage Report - Seasonally Weak Period


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