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Stock Market Tips|Oil edges up on North Sea pipeline outage, lower US crude stocks
Oil prices inched up on Wednesday, supported by expectations of a fall in US crude inventories and by the ongoing outage of the North Sea Forties pipeline system. US West Texas Intermediate (WTI) crude futures were at $57.73 a barrel at 0312 GMT, up 17 cents, or 0.3 percent, from their last settlement.
Brent crude futures, the international benchmark for oil prices, were at $63.91 a barrel, up 11 cents, or 0.17 percent. “Oil prices inched higher on expectations of another strong drawdown in US inventories,” ANZ bank said. The American Petroleum Institute said on Tuesday that US crude inventories fell by 5.2 million barrels in the week to Dec. 15 to 438.7 million.
Official US government data from the Energy Information Administration (EIA) is due on Wednesday. Oil prices have also been supported by the continuing outage of the Forties pipeline in the North Sea, which delivers crude underpinning Brent futures.
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