MABUX: Bunker Market this morning 22 December!

Oil prices were little changed on Thursday, erasing earlier losses after the operator of Britain’s Forties pipeline in the North Sea said it was expected to restart in early January after repairs over Christmas.

Forties is the largest of the five North Sea crudes that underpin Brent, a benchmark for oil trading in Europe, the Middle East, Africa and Asia.

Oil drops from two-and-a-half year highs as rising U.S. output drags on market.

The drop, though, came as crude future volumes declined rapidly as traders closed positions ahead of the upcoming Christmas and New Year breaks.

U.S. West Texas Intermediate (WTI) crude futures were at $58.18 a barrel at 0544 GMT, down 18 cents, or 0.3 percent, from their last settlement.

Brent crude futures, the international benchmark for oil prices, were at $64.75 a barrel, down 15 cents, or 0.2 percent.

Brent on Thursday ended at $64.90 a barrel, its highest close since June 2015. WTI has also been touching values not seen since mid-2015 over the past two months.

The dip on Friday was due to an outlook for rising supplies that triggered those holding long positions to sell-out ahead of the year-end holidays, traders said.

Also weighing on the market was the expected return of the 450,000 barrels per day (bpd) Forties pipeline system in the North Sea in January.

Oil Future close 21st December:

Brent: $64.9(+0.34)pbr

WTI: $58.36(+0.27)pbr

MGO: $576.25(+0.75)/mton

NY Harbor Ulsd: $600.39(+1.85)/mton

Oil Futures trading at GMT: 06.39; Brent:-9 cents, WTI:-16 cents

Expect bunker prices little change, if any mainly due to traders closing positions before the Christmas Holiday.