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Brent price jumps on pipeline closure

Brent price jumps on pipeline closure

Business
One of the UK's most important oil pipelines is being closed after a crack was discovered in Aberdeenshire.The Forties pipeline carries crude North Sea oil across land for processing at Grangemouth.The crack was discovered last week at Red Moss near Netherley.The pipeline's owner Ineos said on Monday that, despite pressure being reduced, the crack had extended. The Forties pipeline carries about 40% of North Sea crude oil.More than 80 platforms will have to suspend production. The price of Brent crude rose about 2% to $ 64.69 a barrel amid surprise that the pipeline could be shut for about three weeks - far longer than expected.Ineos said there would be a big impact on the industry but not on consumers.'Suitable repair method'Ineos said in a statement: "Last week during a routine inspectio...