Crack in UK oil pipe roils crude trading from US to Asia
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THE effects of a hairline crack in one of the world's most important oil conduits is rippling through crude markets from Europe to the US and Asia.
The Forties Pipeline System is being shut after the fault was discovered near Aberdeen, Scotland. That pushed global benchmark Brent futures over US$65 a barrel for the first time since June 2015, extending their premium over US marker West Texas Intermediate. The outage will support some types of oil from the Asia-Pacific region and the Middle East as buyers look for alternatives to North Sea supply, according to McKinsey Energy Insights.
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