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Oil winds up in New York, IEA elevates estimate

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World oil prices closed higher for the week in New york city mainly after records of closure of a major US oil pipe that deliverd oil to nation’s midwest area, creating supply problems.

light pleasant crude for October shipment climbed $2.20 to settle at $76.45 a barrel on the comex while in London Brent crude increased 69 cents to work out at $78.16 a barrel on the ICE Futures exchange.

Enbridge Power Allies LP shut the pipeline Thursday mid-day after it began dripping in country Chicago. When it will resume, the firm claimed there is no time structure yet on.

Enbridge Power Partners is an affiliate of Enbridge Inc., headquartered in Calgary, Canada.The pipeline brought about 670,000 barrels per day from Superior, Wisconsin, to Griffith, Indiana.

Although oil as well as gas stocks abound, traders are worried that Midwest materials could tighten up if the pipe keeps shut for a long time, analysts said. In turn, that can send retail gasoline prices up in the Midwest.

In other Nymex trading in October agreements, home heating oil climbed 3.60 cents to settle at $2.1044 a gallon, fuel added 3.77 cents to work out at $1.9731 a gallon. Natural gas obtained 11.5 cents to settle at $3.883 per 1,000 cubic feet.

On the other hand, the IEA stated globe oil need will keep rising as the economy increases but the rise in gas usage will be reduced in 2011 than 2010 and demand could be a whole lot weak if global growth slows.

Highlighting near biocides oil and gas in established economies, the International Energy Company said in its month-to-month oil market record international oil supply was greater than enough to satisfy present and also anticipated need over the next year.

The IEA elevated its estimate of 2010 demand for petroleum from the Organisation of the Oil Exporting Countries by around 100,000 bpd to 28.9 mn bpd, saying usage had actually climbed a little in several areas consisting of a number of developed economic climates as well as in the Asia-Pacific region.

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