{"id":2220,"date":"2017-12-13T01:52:48","date_gmt":"2017-12-13T02:52:48","guid":{"rendered":"http:\/\/madaresharghi.com\/brent-breaks-above-65-for-first-time-in-two-years\/"},"modified":"2017-12-13T01:52:48","modified_gmt":"2017-12-13T02:52:48","slug":"brent-breaks-above-65-for-first-time-in-two-years","status":"publish","type":"post","link":"https:\/\/madaresharghi.ir\/en\/brent-breaks-above-65-for-first-time-in-two-years\/","title":{"rendered":"Brent Breaks Above $65 for First Time in Two Years"},"content":{"rendered":"<p><a href=\"http:\/\/madaresharghi..com\">madaresharghi<\/a><br \/>\n<\/p>\n<p> \tOil rose above $65 a barrel for the first time since mid-2015 on Tuesday after a shutdown of the UK\u2019s biggest North Sea oil pipeline, which helps set the benchmark for global prices.<br \/> \tThe Forties Pipeline, which was scheduled to pump 406,000 barrels per day in December, was shut down on Monday after cracks were found in what traders believe is the first unplanned outage for some years, Reuters reported.<br \/> \tBrent crude, the global benchmark, was up by 92 cents at $65.61, after breaking above $65 for the first time since June 2015 and trading as high as $65.7. US crude rose 31 cents to $58.30.<br \/> \t\u201cWith no timeframe yet available as to when supplies through the Forties Pipeline will resume, bulls are in control,\u201d said Ole Hansen of Saxo Bank.<br \/> \tForties is important for the global oil market because the crude it carries normally sets the price of dated Brent, a benchmark used to price physical crude around the world and which underpins Brent futures.<br \/> \t\u201cThe disruption to Forties is not just about missing barrels; it is also about losing a key component for the main seaborne crude oil benchmark,\u201d said Olivier Jakob, analyst at Petromatrix.<br \/> \tAnalysts and traders said the outage was likely to cause significant delays in the loading of Forties&#8217; crude cargoes.<br \/> \t\u201cThere are going to be loads,\u201d a trade source said, adding that the number was hard to estimate until the pipeline\u2019s restart date is known. Oil also gained support from expectations the latest reports on US inventories will show a further tightening of supplies.<br \/> \tUS crude stocks are expected to fall by 3.8 million barrels, a fourth straight week of decline, according to analysts polled ahead of reports from industry group American Petroleum Institute and the government\u2019s Energy Information Administration.<br \/> \tThe API was scheduled to release its data for last week on Tuesday. The EIA follows on Wednesday.<br \/> \tOil supply cuts led by the Organization of Petroleum Exporting Countries this year have helped whittle away an excess of inventories that built up following a supply glut that began to emerge in late 2014.<br \/> \tBut US crude has lagged the rally in Brent in part because of rising US oil production.<br \/> \tAs a result, Brent has jumped to a premium to US crude of more than $7, the highest in more than two years.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>madaresharghi Oil rose above $65 a barrel for the first time since mid-2015 on Tuesday after a shutdown of the UK\u2019s biggest North Sea oil pipeline, which helps set the benchmark for global prices. The Forties Pipeline, which was scheduled to pump 406,000 barrels per day in December, was shut down on Monday after cracks [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2,8],"tags":[296,118,28,31,159,639,178,56,213,84,95,82,68,22,23,27],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v15.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Brent Breaks Above $65 for First Time in Two Years - madaresharghi | An Analytical Look at Middle Eastern Developments<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/madaresharghi.ir\/en\/brent-breaks-above-65-for-first-time-in-two-years\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brent Breaks Above $65 for First Time in Two Years - madaresharghi | An Analytical Look at Middle Eastern Developments\" \/>\n<meta property=\"og:description\" content=\"madaresharghi Oil rose above $65 a barrel for the first time since mid-2015 on Tuesday after a shutdown of the UK\u2019s biggest North Sea oil pipeline, which helps set the benchmark for global prices. 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