Monday, April 16, 2007

Oil moves up on pipeline leak, US inventory worry

(Reuters) - Oil edged up on Tuesday as a leak on a Canadian pipeline that pumps crude to the United States helped recoup deeper losses caused by news that a big Nigerian field was about to resume pumping after a year-long halt.

London Brent crude futures on the ICE exchange rose 32 cents to $67.57 a barrel by 0355 GMT, after falling $1.38 on Monday. Traders say Brent now better reflects the global market than landlocked benchmark U.S. crude, which traded up 1 cent at $63.62 a barrel after ceding only 2 cents on Monday.


Read more at Reuters Africa

No comments: