UK's Forties North Sea oil pipeline due to restart in early January
The announcement pushed oil prices lower. Forties plays an important role in the global market as it is the biggest of the five North Sea crudes underpinning Brent, a benchmark for oil trading in Europe, the Middle East, Africa and Asia.
The system, which carries about 450,000 barrels per day of crude to Britain, along with a third of the Britain's total offshore natural gas output, was shut after a crack was found. ■