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Oil Prices Rise Over $3

Oil prices rose more than $3 Thursday after a fire erupted at a pipeline carrying crude oil from Canada to the heart of the United States, according to the Associated Press.

The fire late Wednesday along the Enbridge Energy pipeline in northern Minnesota killed two workers who were repairing it, authorities said. It was not immediately clear how the fire and the shutdown of five pipelines would affect supplies.

The U.S. consumes 20.58 million barrels of oil a day.

Light, sweet crude for January delivery jumped $3.47 to $94.09 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. It climbed as much as $4.55 to $95.17 in the electronic session before slipping back.

Posted by Peter C. T. Elsworth  at 9:40 AM to Crude oil market | Permalink

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