Brent crude jumps above US$65 for 1st time since 2015 after North Sea pipeline outage

SINGAPORE (Dec 12): Brent crude oil prices jumped above US$65 ($88) per barrel for the first time since 2015 after the shutdown of the Forties North Sea pipeline knocked out significant supply from a market that was already tightening due to OPEC-led production cuts.

Brent crude futures LCOc1, the international benchmark for oil prices, were at US$65.29 a barrel at 10 am, up 60 cents, or 0.9%, from their last close.

That marks the first time Brent has risen above US$65 since June, 2015.

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