Oil prices fell further on Wednesday as a rising dollar and hopeful reopening of a major oil pipeline offset a drop in crude inventories.
Enbridge said the cleanup and repairing of the closed pipeline 6A had completed on Tuesday. An official from the Pipeline and Hazardous Materials Safety Administration said the pipeline should open by the end of this week, according to media report.
Dollar rebounded on Wednesday after hitting a 15-year low against the Japanese yen in previous session. It is believed that Japanese central bank intervened in the foreign-exchange market to stem the yen's continuous gain.
Crude futures pared some of losses after government data showed a large drop in crude inventory. The U.S. Energy Department Energy Information Administration said that commercial crude stockpiles fell by 2.49 million barrels to 357.4 million barrels last week, in line with average market forecast.
Light, sweet crude for October delivery fell 78 cents to settle at 76.02 U.S. dollars a barrel on the New York Mercantile Exchange.
Brent crude for October delivery fell 41 cents to 78.75 dollars a barrel on the International Futures Exchange in London.
Enbridge said the cleanup and repairing of the closed pipeline 6A had completed on Tuesday. An official from the Pipeline and Hazardous Materials Safety Administration said the pipeline should open by the end of this week, according to media report.
Dollar rebounded on Wednesday after hitting a 15-year low against the Japanese yen in previous session. It is believed that Japanese central bank intervened in the foreign-exchange market to stem the yen's continuous gain.
Crude futures pared some of losses after government data showed a large drop in crude inventory. The U.S. Energy Department Energy Information Administration said that commercial crude stockpiles fell by 2.49 million barrels to 357.4 million barrels last week, in line with average market forecast.
Light, sweet crude for October delivery fell 78 cents to settle at 76.02 U.S. dollars a barrel on the New York Mercantile Exchange.
Brent crude for October delivery fell 41 cents to 78.75 dollars a barrel on the International Futures Exchange in London.
