Investing.com – prices moved lower on Friday, still weighed by concerns over rising U.S. output and as the Forties pipeline in the North Sea was set to re-open in January.
Trading volumes were thin on Friday as investors closed positions ahead of the upcoming Christmas and New Year holidays.
The U.S. West Texas Intermediate crude February contract was down 42 cents or about 0.72% at $57.95 a barrel by 08:10 a.m. ET (12:10 GMT).
Elsewhere, for February delivery on the ICE Futures Exchange in London was down 40 cents or about 0.62% at $64.50 a barrel.
In addition to the ongoing outlook for rising supplies in the U.S., the expected return of the 450,000 barrels per day Forties pipeline system in the North Sea in January dampened demand for the commodity.
The pipeline was shut earlier this month due to a crack but its operator said on Thursday that it and to gradually restart the system in early January.
Fears that rising U.S. output could dampen OPEC’s efforts to rid the market of excess supplies have been weighing on the commodity in recent months.
The producer group, along with some non-OPEC members led by Russia, agreed last week to extend current oil output cuts for a further nine months until the end of 2018.
The deal to cut oil output by 1.8 million barrels a day (bpd) was adopted last winter by OPEC, Russia and nine other global producers. The agreement was due to end in March 2018, having already been extended once.
Elsewhere, were down 0.26% at $1.741 a gallon, while gained 1.12% to $2.627 per million British thermal units.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Source: Investing.com
