Forties Pipeline System halted; repairs to take 2-3 weeks Interest in alternative supply from Asia, U.S. seen boosted The effects of a hairline crack in one of the world’s most important oil conduits is rippling through crude markets from Europe to the U.S. and Asia. The Forties Pipeline System is being shut after the fault was discovered near Aberdeen, Scotland. That pushed global benchmark Brent futures over $65 a barrel for the first time since June 2015, extending their premium over U.S. marker West Texas Intermediate. The outage will support some types of oil from the Asia-Pacific region and the Middle East as buyers look for alternatives to North Sea supply, according to McKinsey Energy Insights. The U.K. link is critical because flows through it make up the single largest constituent part of so-called Dated Brent crude, which helps settle more than half the world’s physical oil prices. It […]