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NEW YORK, Dec 8 (Reuters) – Oil settled lower for a fifth straight session on Thursday on the prospect of a major crude pipeline resuming service, which would return a hefty amount of crude to the market at a time when global economic slowdowns are raising fuel demand fears. Brent crude settled at $76.15 a barrel, losing $1.02, or 1.3%. U.S. West Texas Intermediate (WTI) crude settled at $71.46 a barrel, shedding 55 cents, or 0.8%. “I would tend to think that, any minute here, you’re going to see a headline hit the tape that’s going to say that Keystone is going to be back sooner rather than later,” said Bob Yawger, director of energy futures at Mizuho in New York. Canada’s TC Energy (TRP.TO) said it shut its 622,000 barrel-per-day Keystone pipeline, which is the primary line shipping heavy Canadian crude from Alberta to the U.S. Midwest and Gulf Coast, after a spill into a Kansas creek. Oil prices rose after the company announced the closure, which occurred at about 8 p.m. CT Wednesday (0200 GMT Thursday). Although TC Energy has not announced when the pipeline would reopen, the market sentiment has since shifted. “We’re back looking at […]
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