View Full Version : Oil jumps above $77 on US crude pipeline leak

13th September 2010, 15:53
SINGAPORE Oil prices jumped above $77 a barrel Monday in Asia, extending gains for a second trading day after a leak forced the closure of a Chicago-area oil pipeline and disrupted supplies to U.S. Midwest refineries.

Benchmark crude for October delivery was up 70 cents to $77.15 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose $2.20 to settle at $76.45 on Friday.

Repair crews are closing in on the source of a leak but haven't found it yet, Sam Borries, on-scene coordinator for the U.S. Environmental Protection Agency, said Sunday. The 670,000 barrel per day pipeline run by Enbridge Energy Partners carries crude from Canada to the upper Midwest, and the supply disruption has caused a sharp spike in gas prices across that region.


Yet another oil leak.

This is just getting crazy now!

14th September 2010, 02:12
That would explain the 12 jump in gas prices on Sunday.
Bill "the Doctor"