Oil prices dropped on Tuesday after surging over one percent in the previous session.
U.S. and Brent oil price climbed 1.10 and 2.03 percent respectively on Monday on news that a major pipeline in the United Kingdom's North Sea would shut down for repairs.
The Forties pipeline system will close for several weeks while its operator repairs a crack in a pipe discovered last week, according to CNBC.
It is reported that the pipeline carries about 450,000 barrels a day of Forties crude from offshore fields in the North Sea to a processing plant in Scotland.
Analysts said oil prices were under pressure on Tuesday as the surge in oil prices on Monday gave traders an opportunity to profit by selling at elevated levels.
The West Texas Intermediate for January Delivery lost 0.85 dollar to settle at 57.14 dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery erased 1.35 dollar to close at 63.34 dollars a barrel on the London ICE Futures Exchange.
U.S. and Brent oil price climbed 1.10 and 2.03 percent respectively on Monday on news that a major pipeline in the United Kingdom's North Sea would shut down for repairs.
The Forties pipeline system will close for several weeks while its operator repairs a crack in a pipe discovered last week, according to CNBC.
It is reported that the pipeline carries about 450,000 barrels a day of Forties crude from offshore fields in the North Sea to a processing plant in Scotland.
Analysts said oil prices were under pressure on Tuesday as the surge in oil prices on Monday gave traders an opportunity to profit by selling at elevated levels.
The West Texas Intermediate for January Delivery lost 0.85 dollar to settle at 57.14 dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery erased 1.35 dollar to close at 63.34 dollars a barrel on the London ICE Futures Exchange.
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