According to Yahoo!India News:
SINGAPORE (Reuters) – Oil prices rebounded by over $1 a barrel on Thursday, after an explosion and fire at an oil terminal in Minnesota shut down most of the main pipeline that delivers Canadian crude to U.S. Midwest refineries.U.S. crude rose by $1.11 to $91.73 a barrel by 0435 GMT, recouping some of the previous session’s loss of $3.80, or 4 percent.
Brent crude climbed 96 cents to $90.77 a barrel.
Enbridge Inc said it had shut down on Wednesday, four of its main pipelines near its Clearbrook, Minnesota, terminal that supply over 2 million barrels per day (bpd) of Canadian oil to the U.S. Midwest due to the explosion and fire.
The company did not give further details about the total line capacity that had been shut down and said it was unable to say when the line might be able to restart, while a county official said the fire may burn for three days.
“This is a fast reaction to the accident, and it will be good news for bull players,” said Tetsu Emori, fund manager at Astmax Futures Co.
“Oil prices may rise further if the accident is proven as a big supply disruption.”
- Oil prices will never be the same during these times, every little news will affect the overall picture. Is it time for alternative energy? YES.
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