Oil prices sharply reversed Tuesday, handing back all the gains taken the day prior after it was announced that the Forties stream of crude in the North Sea, which is the largest stream by volume that goes into the price formation of global benchmark Brent, could be off-line for two to four weeks. Without a clear trigger, the sell-off began with the start of US trading hours and continued in earnest throughout the session with heavy volumes. Pipeline owner Ineos said the hairline crack in the 450,000 barrel per day line had not grown, but repairs will disrupt loadings and are set to knock out 5 million-10 million barrels of light, sweet crude.
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