Competing factors leave Brent level at $110

Pulled in both directions: Supply woes and demand fears cancel out crude price movements

Oliver Tam/sxc.hu

News Wires

 04 March 2013 12:14 GMT

Brent pipeline shutdown offsets demand fears emanating from US and China

Oil prices were flat on Monday as the shutdown of the Brent pipeline cut supplies of UK Brent oil, offsetting demand concerns in the US and China.

The 80,000-barrel-a-day Brent pipeline was shut on Saturday for the second time in seven weeks after a leak was found at the Cormorant Alpha platform in the North Sea.

Operator Taqa Bratani said on Monday it was still unclear when the pipeline system would reopen.

Total halted all its oil exports from the North Sea area due to the shutdown.

Brent futures were up 7 cents at…

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