SPX4,071.70-4.87 -0.12%
DIA344.74+0.33 0.10%
IXIC11,461.50-20.95 -0.18%

UPDATE 7-Oil prices rise over 1% on news of Druzhba oil pipeline disruption

Reuters · 11/15/2022 14:34
UPDATE 7-Oil prices rise over 1% on of Druzhba oil pipeline disruption

Russia's Transneft: by Ukraine of oil supply suspension to Hungary via Druzhba - RIA

Slower U.S. producer price growth prompts inflation optimism

China reports increase in COVID-19 infections

Coming up: API data on US crude stocks at 4:30 p.m. ET

New throughout, updates prices, market activity and comments

By Stephanie Kelly

- Oil prices rose on Tuesday more than 1% after that oil supply to Hungary via the Druzhba oil pipeline has been temporarily suspended due to a fall in pressure.

Brent crude futures LCOc1 rose $1.38, or 1.5%, to $94.52 a barrel at 2:22 p.m. EST (1922 GMT). U.S. West Texas Intermediate crude CLc1 rose $1.60, or 1.9%, to $87.47.

Russia's state-owned pipeline monopoly Transneft TRNF_p.MM has been by Ukraine that oil supply to Hungary via the Druzhba oil pipeline is temporarily suspended due to a fall in pressure, the RIA agency quoted Transneft as saying on Tuesday.

Also boosting prices, U.S. producer prices increased less than expected in October, more evidence that inflation was starting to ease, which could allow the Federal Reserve to slow its aggressive pace of interest rate hikes.


(Reporting by Stephanie Kelly in New York; Additional reporting by Rowena Edwards in London and Florence Tan and Isabel Kua in Singapore; Editing by David Gregorio and Emelia Sithole-Matarise)

((Stephanie.Kelly@thomsonreuters.com; 646-223-4471; Reuters Messaging: stephanie.kelly.thomsonreuters.com@reuters.))