Oil prices were up slightly on Thursday as a pipeline outage in Britain continued to lift Brent crude prices.
Oil prices rebounded in mid-morning trade on Thursday, having earlier sunk after the International Energy Agency increased its forecast for U.S. oil output growth in 2018, raising the prospect of excess supply.
Brent crude futures, the international benchmark for oil prices, were up 87 cents, or nearly 1.4 percent, at $63.31 a barrel by 2:26 p.m. ET (1926 GMT). U.S. West Texas Intermediate (WTI) crude futures ended Thursday's session up 44 cents to $57.04 a barrel.
Prices have been supported by an outage on the Forties crude pipeline that was expected to last several weeks. Operator Ineos declared force majeure on crude oil, gas and condensate deliveries from the pipeline, a source familiar with the matter told Reuters on Wednesday.
"At present you cant ignore the impact of the Forties pipeline outage," said John Kilduff, partner at Again Capital Llc in New York, "Its a significant amount of oil that the market is going to miss and is missing. And its almost surprising its not generating more support."