Oil Futures Rise Further on North Sea Pipeline Closure

Prices for Brent crude, the global benchmark, hit fresh 2 1/2-year highs in Asian trading Tuesday building on the start-of-week jumped caused by news that a major pipeline in Europe is being shut for weeks after a crack was found.

--January light, sweet crude on the New York Mercantile Exchange was recently up 0.4% at $58.24 a barrel in the Globex trading session. February Brent rose 0.7% to $65.17.

--Ineos Ltd. said Monday the Forties pipeline system would be closed for a "matter of weeks" after a hairline fracture discovered last week grew. ANZ said the market reaction shows as the global production-cap deal continues, any supply issue will quickly be reflected in higher prices.

Write to Lucy Craymer at lucy.craymer@wsj.com

(END) Dow Jones Newswires

December 11, 2017 22:25 ET (03:25 GMT)