Oil Stalls Below $60 as Pipeline Fixes Overshadow Crude Draw
- U.S. crude inventories dropped 4.61 million barrels, EIA says
- WTI hovers near Wednesday’s close, below two-year high
UBS's Schnider Expects Oil to Come Under Pressure in 2018
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Oil was little changed in New York as traders shrugged off declining U.S. stockpiles and kept eyes on two key pipelines set to resume normal operations soon.
Futures rose 0.3 percent after the government said U.S. inventories shrank to the lowest in more than two years. Damage from a blast at a pipeline supplying Libya’s biggest export terminal, which sent futures briefly above $60 a barrel Tuesday, is said to need about a week for repairs. The Forties system in the U.K., one of the world’s most important, is also nearing a return from an unexpected shutdown.