Oil prices linger at US$77 as US pipeline leaks disrupt supplies

15-Sep-10
US pipeline leaks disrupted supplies and have kept oil prices hovering around US$77. Benchmark crude for October rose to US$77.2 on the New York Mercantile Exchange. In London, Brent crude rose to US$79.2 a barrel on the ICE Futures. Though repair crews have found the source of the leak of a 670,000 bpd pipeline carrying crude from Canada to the upper Midwest, it is unclear when oil would begin flowing again. The supply disruption caused a sharp spike in gas prices across that region. Enbridge has also shut down a 70,000 bps line from Westover, Ontario to New York after the discovery of a gallon of a petroleum-based product during a sewer installation project. Repair crews were working to find the source of the leak.
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