Crude Oil Gains Solidly In Asia On UK Pipeline Outage, API Estimates Awaited
Crude oil prices gained in Asia on Tuesday led by Brent crossing $65 a barrel for the first time since 2015 as a shutdown of a key pipeline led to a spike in the global benchmark and investors looked ahead to US industry inventory estimates on crude and refined products.
On the New York Mercantile Exchange crude futures for January delivery rose 0.41% to $58.23 a barrel, while on London’s Intercontinental Exchange, Brent gained 0.56% to trade at $65.08 a barrel.
The American Petroleum Institute reports its estimates of US crude and refined product stocks last week with a 3.780 million barrels draw in crude and a build of 416,000 barrels in distillates and a 2.184 million barrels gain in gasoline supplies expected.
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