Oil Is Steady After Nearing a Record in London on Reduced North Sea Output

(Bloomberg) -- Crude oil was little changed after
approaching a record in London, as a damaged pipeline in the
North Sea curtailed production.

Chevron Corp. and ConocoPhillips cut North Sea output last
week because BP Plc shut an undersea pipeline. Hedge-fund
managers and other speculators increased their net-long position
in New York oil futures, bets on rising prices, to the highest
in at least 13 years, according to U.S. Commodity Futures
Trading Commission data.


Read more at Bloomberg Energy News