The party keeps rock'n for big oil

Oil rises to 11-month high as production drops
. Crude oil rose to an 11-month high in New York and London after a pipeline shutdown and maintenance work reduced North Sea Brent oil production. Chevron Corp. and ConocoPhillips said they lost output from North Sea fields that produce oil and gas after BP Plc closed the pipeline. BG Group Plc said its Armada oil field in the North Sea has been shut for maintenance since June. The International Energy Agency said in a report today that global oil demand will rise 2.5% next year. Crude oil for August delivery rose $1.37 to $73.87 a barrel at 2:24 p.m. on the New York Mercantile Exchange. Futures reached $73.89, the highest intraday price since Aug. 15. Oil is up 1.3% this week.