{"id":13021,"date":"2011-01-11T08:01:57","date_gmt":"2011-01-11T07:01:57","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/13021\/wti-oil-trading-firm-over-89-on-alaska-pipeline-closure\/"},"modified":"2011-01-11T08:01:57","modified_gmt":"2011-01-11T07:01:57","slug":"wti-oil-trading-firm-over-89-on-alaska-pipeline-closure","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/13021\/wti-oil-trading-firm-over-89-on-alaska-pipeline-closure\/","title":{"rendered":"WTI oil trading firm over $89 on Alaska pipeline closure"},"content":{"rendered":"

WTI oil futures open today’s trading session firm over $89 a barrel as a leaking Alaskan oil pipeline continues to push US Light oil futures higher.<\/p>\n

Latest WTI Oil Price<\/strong><\/p>\n

US Light crude oil futures for February 2011 delivery was trading at $89.29 a barrel, 06.50 GMT this morning on the NYMEX. WTI oil prices climbed $1.22 to settle at $89.25 a barrel at close on Monday.<\/p>\n

The pipeline, which carries between 630,000 barrels and 650,000 barrels a day, was shut down Saturday after a leak was reported at a North Slope pump station. The leak has been contained but there is no immediate timeframe for reopening the pipeline, according to Alyeska Pipeline Service Co, which manages the line.<\/p>\n

The closure cut oil production on the North Slope to about 5 percent of normal. The pipeline carries 17 percent or less of the US crude oil output.<\/p>\n

Refineries that rely on Alaska crude have several weeks of inventories available so prices aren’t expected to top $100 a barrel because of the closure.<\/p>\n

“We don’t believe the news as it stands is enough to push crude oil above the $100 barrier. If oil production is reduced to 5 percent until March or April, then we’ll change our mind.” The Schork Report said.<\/p>\n

Once a repair schedule has been released, oil prices could ease, added Cameron Hanover energy consultancy in its Monday report.<\/p>\n

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