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Brent Reaches Highest Since 2015 After Forties Pipeline Shutdown

  • Repair of North Sea line after crack will take about two weeks
  • OPEC’s cuts could end early if market balances: Kuwait, U.A.E.
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Oil Strategist Bauer Sees Market Focusing on U.S.

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Brent crude jumped to its highest since June 2015 as a key North Sea pipeline shut down.

The Forties Pipeline System, one of the most important oil conduits in the world, is to be fully halted after a crack was discovered, the link’s operator Ineos said. Repairs will take about two weeks, according to a spokesman. The announcement boosted pricing that had been largely muted over the last week following an OPEC-led agreement by major producers to extend output curbs through the end of 2018. Brent rallied in London, pulling New York futures up to near $58 a barrel.