Oil prices fell on Tuesday, retreating after an early surge to a 2½-year high when the United Kingdom's biggest North Sea oil pipeline was shut, crimping the flow of global benchmark Brent crude.
The Forties pipeline, which was scheduled to pump 406,000 barrels per day (bpd) in December, was shut on Monday after cracks were found in what traders believe is the first unplanned outage for some years.
That pushed Brent prices higher on Monday, and the rally continued into Tuesday morning before prices retreated during U.S. trading hours.
Brent crude, the global benchmark, was down $1.34, or 2.1 percent, at $63.35 at 2:29 p.m. ET, giving up all of Monday's gains. The contract earlier broke above $65 for the first time since June 2015, trading as high as $65.83.
U.S. West Texas Intermediate crude ended Tuesday's session down 85 cents, or 1.5 percent, at $57.14. It fell from an intraday peak $58.56, which was about 50 cents shy of a 2½-year high.