Crude Rises On Pipeline Leak
Crude oil has extended Friday's gains today on news that a major pipeline that carries around 70% of America's oil imports from Canada has sprung a leak and been shut off.
The pipeline, which was reportedly carrying the thick end of half a million barrels/day, was found to be leaking in underground Chicago on Friday.
Improved economic data out of China, where year on year crude consumption is already growing steadily, helped add to oil's gains - pushing it as high as USD77.50/barrel, it's highest in a month.
The pipeline, which was reportedly carrying the thick end of half a million barrels/day, was found to be leaking in underground Chicago on Friday.
Improved economic data out of China, where year on year crude consumption is already growing steadily, helped add to oil's gains - pushing it as high as USD77.50/barrel, it's highest in a month.