Oil dips in pre-holiday trade

LONDON, December 22, 2017 – Crude oil prices moved lower on Friday, still weighed by concerns over rising U.S. output and as the Forties pipeline in the North Sea was set to re-open in January.

Trading volumes were thin on Friday as investors closed positions ahead of the upcoming Christmas and New Year holidays.

The U.S. West Texas Intermediate crude February contract was down 42 cents or about 0.72% at $57.95 a barrel by 08:10 a.m. ET (12:10 GMT).

Elsewhere, Brent oil for February delivery on the ICE Futures Exchange in London was down 40 cents or about 0.62% at $64.50 a barrel.

In addition to the ongoing outlook for rising supplies in the U.S., the expected return of the 450,000 barrels per day Forties pipeline system in the North Sea in January dampened demand for the commodity.

The pipeline was shut earlier this month due to a crack but its operator said on Thursday that it expected to complete repairs around Christmas and to gradually restart the system in early January.

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