Oil price rises on Alaska pipeline close

08:23, January 11, 2011      

Email | Print | Subscribe | Comments | Forum 

Crude prices gained over 1 percent on Monday as the shutdown of the Trans Alaska Pipeline System caused supply concerns.

On Saturday, Alyeska Pipeline Co., which operates the 800-mile pipeline network, shut the pipeline after workers discovered a leak. The closure forced BP, Exxon and others to shut down nearly all of their oil production on Alaska's North Slope, an area that produces 630,000 barrels a day, about 9 percent of total domestic U.S. output, and provides crude oil to U.S. West Coast refineries.

Crude futures got a further boost from heating oil futures, which rose nearly 3 percent as the government forecast higher heating oil demand this week due to colder weather.

Light, sweet crude for February delivery rose 1.22 dollars to 89.25 dollars a barrel on the New York Mercantile Exchange.

In London, Brent crude rose 2.43 dollars to settle at 95.70 dollars a barrel on the ICE Futures exchange.

Source: Xinhua
  • Do you have anything to say?


Special Coverage
  • Focus On China
  • Shanghai World Expo 2010
Major headlines
Editor's Pick
  • Coming of Age Day marked in Japan
  • Gold sculpture exhibition kicks off in HK
  • Victoria, David Beckham expecting fourth child in summer
  • Day for girls who reached 20 in Japan
  • GUESS watch collections promoted in HK
  • Melting snow, heavy rains trigger flood in Germany
Hot Forum Dicussion