Oil prices rose on Monday, overcoming declines early in the session, after a North Sea pipeline shut for repairs and investors focused on commodities following an explosion in New York. Brent crude futures settled up $1.29, or about 2 percent, at $64.69 a barrel. U.S. West Texas Intermediate (WTI) crude futures settled at $57.99 a barrel, 63 cents or 1 percent above their last settlement.
The difference between the two benchmarks was the greatest since late October, as Brent rallied after the shutdown of the pipeline that carries the biggest of the five North Sea crude oil streams that underpin the benchmark.
The pipeline, which can carry 450,000 barrels per day of Forties crude from the North Sea to the Kinneil processing terminal in Scotland, has been operating at reduced capacity for about four days before the shutdown.
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