Oil edged up on Monday, lifted by an ongoing North Sea pipeline outage and over signs that booming U.S. crude output growth may be slowing, although the outlook for oil markets cites ample supplies despite ongoing production cuts led by OPEC. U.S. West Texas Intermediate (WTI) crude futures were at $57.39 a barrel at 0447 GMT, up 9 cents or 0.2 percent from their last settlement.
Brent crude futures, the international benchmark for oil prices, were at $63.37 a barrel, up 14 cents or 0.2 percent from their last close. Traders said the slightly higher prices came on the back of the North Sea Forties pipeline system outage, which provides crude that underpins the Brent price benchmark, as well as indicators that U.S. oil production growth may be slowing down.
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