Prices of oil grew on Wednesday as figures demonstrated a reduction of US oil stockpiles more than had been forecasted, along with that anticipations of a lengthy shutdown of an important Forties pipeline also encouraged markets.
Brent added around $0.7 or 1.1%, reaching $64.03 for a barrel. On Tuesday it had dropped $1.35 or 2.1% due to a profit-taking spree following the reports of a Britain’s largest pipeline shutdown, which gave a boost to Brent and lifted it above $65, unseen event since the middle of 2015.
U.S. WTI crude increased by 0.45$ or 0.8% attaining the level of $57.59 for a barrel.
The UK’s North Sea pipeline could be out of operation for a number of weeks because of reparative works, as the operator said. Forties with the capacity of 450,000 barrels of oil daily was shut down recently after some damages were detected.
The pipeline has quite an importance for world markets as it is one of the five biggest oil channels that prop up Brent. Some of other oil producers, among which British Petroleum and Royal Dutch Shell, responded with the closure of oil fields, according to their reports.