Record flooding in Canada's main oil producing province-Alberta has threatened exports to the United States. This has propped up Brent and U.S. crude prices. Major Canadian pipelines that move almost 1 mln bpd of Alberta oil sands crude remained shut on Monday after a spill on a smaller line was discovered over the weekend. Concerns that a credit crunch in China could impact oil demand tanked Brent crude below the US$100 mark. Oil on the Nymex bounced up by over three dollars from US$92.6, its lowest levels since June 4. Brent crude for August delivery rose to US$101.1, after bottoming at US$99.6.
Traders are also watching for the restart of a major crude processing unit at BP's Whiting refining in Indiana, which draws crude from Cushing, Oklahoma, delivery point of the WTI benchmark.
25-Jun-13 
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