Crude Oil Climbs After Explosion at Enbridge Pipeline to U.S. |
| Bloomberg - Nov 29, 2007 |
Oil surged more than $4 a barrel, the most in a month, after an explosion cut Canadian oil shipments through Enbridge Inc. pipelines that typically provide about 15 percent of U.S. crude imports.
The blast yesterday killed two workers and initially closed four pipelines that supply U.S. refiners with an average 1.5 million barrels a day. Two of those have now reopened and a fire near the Clearbrook terminal in Minnesota, where the lines meet, has been extinguished, Enbridge said today.
``It is a major incident with major supply issues in an important area,'' said Paul Horsnell, head of commodities research at Barclays Capital in London. ``It will put pressure on prompt demand in the Midwest.''
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- Posted: 2007-11-29 09:31:06
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