Oil prices rose on Friday, supported by the continuing outage of the Forties pipeline in the North Sea and falling inventories due to OPEC-led production cuts, but climbing U.S. output kept a lid on gains. Brent crude futures , the international benchmark for oil prices, were up 29 cents at $63.60 a barrel at 1400 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 38 cents at $57.42 a barrel.
Both contracts were on track to end the week broadly flat. The ongoing outage of the Forties pipeline, which carries North Sea oil to Britain, was the main price support, traders said. The outage's main physical impact is the North Sea region, but it has global relevance as the crude is used to underpin the Brent price benchmark.
Operator INEOS declared force majeure on Forties, the first such declaration in decades. Force majeure is a legal designation that suspends a firm's contractual obligations due to situations beyond its control.
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