BND: Oil prices fall as pipeline supply concerns ease Published: October 19, 2012 Updated 56 minutes ago
The price of oil is falling after TransCanada reaffirmed its plans to restart a pipeline this weekend that carries crude from Canada to the Midwest.
Benchmark oil dropped 47 cents Friday to $91.63 per barrel in New York.
TransCanada closed the 2,100-mile Keystone pipeline Wednesday after tests showed possible safety issues. A company spokesman says no leaks have been detected. It plans to restart the pipeline Saturday.
TransCanada closed the 2,100-mile Keystone pipeline Wednesday after tests showed possible safety issues. A company spokesman says no leaks have been detected. It plans to restart the pipeline Saturday.
Oil traders largely consider the temporary closure to be a non-issue because U.S. supplies of oil are plentiful. Analysts don't expect any impact on pump prices.
AAA says the national average for gasoline fell 2 cents overnight to $3.715 per gallon. That's nearly 10 cents less than a week ago but still 24 cents more than last year at this time.
Pamela Sampson in Bangkok and Maria Fisher in Kansas City, Missouri, contributed to this report.
