Oil Prices Slip Away From 2015 Highs, But Market Remains Tight

Oil prices on Wednesday slipped away from two-and-a-half year highs hit the previous session as the gradual resumption of flows through a major North Sea pipeline made up for supply disruption in Libya. But the two outages in quick succession have highlighted how much tighter global oil markets have become a year into supply cuts led by OPEC and Russia. US West Texas Intermediate (WTI) crude futures were at $59.73 a barrel, down 24 cents from their last settlement. WTI broke through $60 a barrel for the first time since June 2015 in the previous session. Brent crude futures were at $66.71 a barrel, down 31 cents after breaking through $67 for the first time since May 2015 the previous day. “Crude spiked sharply in reaction to an explosion at a Libyan pipeline (but) the price spike came with light volumes as London was closed for Boxing Day,” said Sukrit Vijayakar, director of energy consultancy Trifecta. For More Information About Commodity Market Tips Please Visit : www.paceresearchindia.com and Call : 8817774774