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Brent passes $63 on Canada-US pipeline disruption

Brent passes $63 on Canada-US pipeline disruption
Brent Crude futures rose 0.9% to $63.10 pb

Mubasher: Oil prices rose on Wednesday as piped Canadian crude to the United States dropped amid expectations of declining oil and fuel inventories.

TransCanada Corp stated that it will cut deliveries on Keystone crude pipeline, which links oil sands from Canada to the US refineries, by at least 85% until the end of November.

By 7:15 am GMT, Brent Crude futures rose 0.9% to $63.10 per barrel (pb) and WTI Crude Oil (Nymex) futures edged up 0.08% to $57.67 pb.

The American Petroleum Institute forecast the US crude inventories to fall by 6.4 million barrels in the week ended 17 November.

Moreover, J.P. Morgan said expected that oil markets will be balanced in 2018 on the back of extended production cuts.

The American bank also forecast Brent Crude price to rise above $50 pb in 2018.