LIVE NEWS UPDATE
UPDATE 2-Oil edges up on ongoing N.Sea pipeline outage, but rising US output weighs
Dec 19 (Reuters) – Oil markets edged up on Tuesday as the Forties pipeline outage in the North Sea and voluntary production restraint led by OPEC supported prices, although soaring output in the United States put a cap on gains.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $57.33 a barrel at 0526 GMT, up 17 cents, or 0.3 percent, from their last settlement.
International Brent crude futures LCOc1 were at $63.55 a barrel, up 14 cents, or 0.2 percent.
There has been little price movement in recent trading, with Brent moving within a $63.00 to $63.91 per barrel range since last Friday.
Some upward pressure was taken off after an oil worker strike was called off in Nigeria, traders said. this, crude has been generally supported by the ongoing Forties pipeline system outage in the North Sea, which provides crude underpinning Brent futures.