British North Sea oil pipeline shut down to boost oil prices US supplies to limi

Oil prices edged up on Tuesday, approaching 64 U.S. dollars, helped by the closure of the North Sea pipeline and the OPEC-led efforts to cut production and the fifth consecutive weekly decline in U.S. crude oil inventories.

But rising US crude oil production has limited gains. US government estimates released on Monday showed shale oil production in the United States rose to record levels in January as rising oil prices encouraged oil companies to increase production.

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Brent crude ended up 0.39 U.S. dollars, or 0.6%, at 63.80 U.S. dollars. U.S. crude oil ended 0.30 U.S. dollars or 0.5% higher at 56.46 U.S. dollars a barrel.

Beihai Foults pipeline shut down since last week, helping support Brent crude. Forrtis Crude is the largest of the five oils that determine the global Brent crude oil price. December 12, Brent crude hit the highest since mid-October 2015 65.83 US dollars.

"It is reported that the prefabricated parts used to repair the gas pipeline have been on the way to the construction site, but the pipeline closures are still affecting the market," said John Kilduff, partner at Again Capital LLC. "Although the market is closing with digestion tubing The impact of the incident, but the impact may continue into next year. "