LONDON (Reuters) - Crude oil prices rose nearly 1 percent on Friday, as prices continued to support support from a major UK pipeline, despite data predicting a surplus in world supply of crude in the first half of next year.
The US WTI crude contract ended the day's close of the day's trading session on December 15, 2017, up 44 cents or 0.8 percent to settle at $ 57.04 a barrel.
Brent crude futures closed at $ 62.44 a barrel, unchanged from the settlement price.
Despite the price stability, Brent is well below its highest level since June 2015 of $ 65.83 a barrel, which jumped earlier this week. Standard crude hit that level after the Fortis pipeline, which transfers large quantities of North Sea crude used to price Brent contracts, was cut due to cracks.
The International Energy Agency (IEA) said on Thursday that the world oil market is likely to show a surplus in the first half of 2018 as US supply growth will erode OPEC's commitment to keep production cuts for the full year ahead.
SOURCE
The US WTI crude contract ended the day's close of the day's trading session on December 15, 2017, up 44 cents or 0.8 percent to settle at $ 57.04 a barrel.
Brent crude futures closed at $ 62.44 a barrel, unchanged from the settlement price.
Despite the price stability, Brent is well below its highest level since June 2015 of $ 65.83 a barrel, which jumped earlier this week. Standard crude hit that level after the Fortis pipeline, which transfers large quantities of North Sea crude used to price Brent contracts, was cut due to cracks.
The International Energy Agency (IEA) said on Thursday that the world oil market is likely to show a surplus in the first half of 2018 as US supply growth will erode OPEC's commitment to keep production cuts for the full year ahead.
SOURCE