Global oil prices remained below $75 a barrel in Asian trade Friday as a main US-Canada oil pipeline to resume operations today.
Light sweet crude for October delivery was seen trading at $74.71 a barrel at 12.00 noon Singapore time while Brent crude was at $78.92 a barrel on the ICE Futures exchange in London.
Analysts said the black gold is likely to end lower for the week as investors looked to U.S. economic indicators for further guidelines.
In other Nymex trading in October contracts, heating oil was up 0.86 cent at $2.108 a gallon and gasoline gained 1.20 cents to $1.937 a gallon. Natural gas added 1.1 cents at $4.073 per 1,000 cubic feet.
Enbridge Inc has completed repairs and received regulatory approval to restart the duct on Friday, which carries up to a third of Canada's U.S.-bound crude shipments, restoring nearly 5 percent of imports for the world's largest oil consuming nation.
On Thursday, oil touched $74.11, the lowest intraday price since September 9. Light sweet crude for delivery in October, slid $1.45 to $74.57 a barrel. Brent North Sea crude for November delivery fell 94 cents to $78.48 a barrel.
Prices touched a one-month high of $78.04 earlier this week on expectations of an extended outage.
Oil prices have traded near $75 a barrel for most of the past year as the global economy emerges from last year's recession, but crude demand remains weak in developed countries.
Light sweet crude for October delivery was seen trading at $74.71 a barrel at 12.00 noon Singapore time while Brent crude was at $78.92 a barrel on the ICE Futures exchange in London.
Analysts said the black gold is likely to end lower for the week as investors looked to U.S. economic indicators for further guidelines.
In other Nymex trading in October contracts, heating oil was up 0.86 cent at $2.108 a gallon and gasoline gained 1.20 cents to $1.937 a gallon. Natural gas added 1.1 cents at $4.073 per 1,000 cubic feet.
Enbridge Inc has completed repairs and received regulatory approval to restart the duct on Friday, which carries up to a third of Canada's U.S.-bound crude shipments, restoring nearly 5 percent of imports for the world's largest oil consuming nation.
On Thursday, oil touched $74.11, the lowest intraday price since September 9. Light sweet crude for delivery in October, slid $1.45 to $74.57 a barrel. Brent North Sea crude for November delivery fell 94 cents to $78.48 a barrel.
Prices touched a one-month high of $78.04 earlier this week on expectations of an extended outage.
Oil prices have traded near $75 a barrel for most of the past year as the global economy emerges from last year's recession, but crude demand remains weak in developed countries.
