World oil prices closed higher for the week in New York mainly after reports of shutdown of a major US oil pipeline that deliverd oil to country's midwest region, causing supply concerns.
light sweet crude for October delivery climbed $2.20 to settle at $76.45 a barrel on the comex while in London Brent crude rose 69 cents to settle at $78.16 a barrel on the ICE Futures exchange.
Enbridge Energy Partners LP closed the pipeline Thursday afternoon after it began leaking in suburban Chicago. The company said there is no time frame yet on when it will reopen.
Enbridge Energy Partners is an affiliate of Enbridge Inc., headquartered in Calgary, Canada.The pipe carried about 670,000 barrels per day from Superior, Wisconsin, to Griffith, Indiana.
Although oil and gasoline inventories are plentiful, traders are concerned that Midwest supplies could tighten if the pipeline stays closed for some time, analysts said. In turn, that could send retail gasoline prices up in the Midwest.
In other Nymex trading in October contracts, heating oil rose 3.60 cents to settle at $2.1044 a gallon, gasoline added 3.77 cents to settle at $1.9731 a gallon. Natural gas gained 11.5 cents to settle at $3.883 per 1,000 cubic feet.
Meanwhile, the IEA said world oil demand will keep rising as the economy expands but the increase in fuel consumption will be lower in 2011 than 2010 and demand could be a lot weaker if global growth slows.
Highlighting near record industry oil stocks in developed economies, the International Energy Agency said in its monthly oil market report global oil supply was more than sufficient to meet current and expected demand over the next year.
The IEA raised its estimate of 2010 demand for crude oil from the Organisation of the Petroleum Exporting Countries by around 100,000 bpd to 28.9mn bpd, saying consumption had risen a little in many areas including several developed economies and in the Asia-Pacific region.
light sweet crude for October delivery climbed $2.20 to settle at $76.45 a barrel on the comex while in London Brent crude rose 69 cents to settle at $78.16 a barrel on the ICE Futures exchange.
Enbridge Energy Partners LP closed the pipeline Thursday afternoon after it began leaking in suburban Chicago. The company said there is no time frame yet on when it will reopen.
Enbridge Energy Partners is an affiliate of Enbridge Inc., headquartered in Calgary, Canada.The pipe carried about 670,000 barrels per day from Superior, Wisconsin, to Griffith, Indiana.
Although oil and gasoline inventories are plentiful, traders are concerned that Midwest supplies could tighten if the pipeline stays closed for some time, analysts said. In turn, that could send retail gasoline prices up in the Midwest.
In other Nymex trading in October contracts, heating oil rose 3.60 cents to settle at $2.1044 a gallon, gasoline added 3.77 cents to settle at $1.9731 a gallon. Natural gas gained 11.5 cents to settle at $3.883 per 1,000 cubic feet.
Meanwhile, the IEA said world oil demand will keep rising as the economy expands but the increase in fuel consumption will be lower in 2011 than 2010 and demand could be a lot weaker if global growth slows.
Highlighting near record industry oil stocks in developed economies, the International Energy Agency said in its monthly oil market report global oil supply was more than sufficient to meet current and expected demand over the next year.
The IEA raised its estimate of 2010 demand for crude oil from the Organisation of the Petroleum Exporting Countries by around 100,000 bpd to 28.9mn bpd, saying consumption had risen a little in many areas including several developed economies and in the Asia-Pacific region.
