Enbridge Pipeline Fire Could Cause Higher Oil Prices In North America

Over the weekend Enbridge Inc. had to shut its Illinois pipeline, which supply’s oil to the BP plc., Exxon Mobil Corp, and Citgo Petroleum Corp, refineries in the Chicago area, following a collision between two vehicles which killed two people, injured several others and set fire to the pumping station near New Lenox, Illinois. About 20,000 gallons of oil leaked from the lines before flow could be halted. Carsten Fritsch, an analyst at Commerzbank AG in Frankfurt, believes “the pipeline closure could pressure local prices in the North…

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