Crude prices fell in Asian trade Wednesday following news that repairs to a key pipeline carrying oil from Canada to the United States were almost complete, analysts said.
New York’s main contract, light sweet crude for delivery in October, fell 51 cents to 76.29 dollars a barrel. Brent North Sea crude for October delivery slipped five cents to 79.11 dollars.
“The fall in oil prices came after Enbridge said that repairs to its key Line 6A Canadian-US pipeline were nearly complete,” the Commonwealth Bank of Australia said in a report.
Enbridge had already submitted a restart plan to authorities, with an official saying that the line “should be up and running in some form or fashion by the end of the week,” media reports stated.
Line 6A carries 670,000 barrels of crude and light synthetics per day, constituting one third of Canada’s oil exports to the United States.
Crude prices had been supported since a leak was discovered in the pipeline last Thursday, forcing the line to close.