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Business Day (South Africa): Oil Report

17 April 2007
 
OIL rebounded from early losses yesterday after a leak shut part of a major crude oil pipeline between Canada and the midwestern US.

US crude for May delivery settled down 2c at $63,61 a barrel, after rising as high as $64,21 and falling as low as $62,55 in a volatile trading session. Pipeline operator Enbridge said part of its 450000 barrels per day (bpd) pipeline that carries crude oil from Canada to refineries near Chicago was shut on Sunday after a leak was detected.

A spokesman said the pipeline was still pumping oil but Enbridge did not have an estimate of how long the pipeline could be disrupted.

Oil had fallen earlier in the day after traders said Royal Dutch Shell would resume producing oil from its 380000 bpd Forcados field in Nigeria, which has been shut since militants bombed its tanker-loading platform in February 2006.

“Shell told us that Forcados would be back up and running by the end of May or the beginning of June,” a west African trader said.

London Brent crude futures fell $1,38 to settle at $67,25 on the Nigeria news. Reuters

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