Oil falls on weakening demand, shrugs off Keystone closure A view shows oil terminal Kozmino near Nakhodka By Laila Kearney NEW YORK (Reuters) – Oil settled lower for a fifth straight session on Thursday as traders shrugged off the closure of a major Canada-to-U.S. crude pipeline, focusing instead on concerns that global economic slowdowns would slash fuel demand. 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%. Canada’s TC Energy 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. The line has had several spills since it began operating in 2010. Oil prices rose after the company announced the closure, but the rally dissipated as analysts noted that the U.S. Gulf is likely to have enough inventory to handle short-term outages. Several analysts also said the section of the line that goes to Midwest refiners could be restarted soon. TC Energy has not announced when the pipeline would reopen. "I would tend to think that, any minute […]
CamTrader offers a preview only. View original article. ca.finance.yahoo.com
