Oil dips as U.S. pipeline to reopen

September 15, 2010 11:20 am 

NEW YORK, Sept. 15 — Oil prices reversed on Tuesday as the major pipeline supplying Canadian oil to the United States is set to resume earlier than expected.

Enbridge said the repairing work of the closed pipeline 6A was set to finish on Tuesday and it may resume operations without submitting formal plan to regulators. It eased market concerns about possible disruption of U.S. crude supply due to 6A's shutdown last week.

Canada is the largest oil exporter to the United States, and Enbridge's pipelines carry the lion's share of that crude. The Line 6A carries 670,000 barrels of crude per day and is the largest of the company's major three pipelines.

Light, sweet crude for October delivery fell 39 cents to settle at 76.80 U.S. dollars a barrel on the New York Mercantile Exchange.

Brent crude for October delivery rose 10 cents to 79.13 dollars a barrel on the International Futures Exchange in London. (PNA/Xinhua)



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