Oil declines on restart of pipelines shut by US Midwest ice storm

December 12, 2007 07:10

Oil prices dropped Wednesday in Asia on reports pipelines shut by an ice storm in the US Midwest had been restarted, and after the Federal Reserve cut a key interest rate less than many had hoped. An ice storm that caused outages of key US oil pipelines helped drive oil prices up by more than $2 a barrel in the previous session. But Dow Jones Newswires reported that at least one of the pipelines - some of which serve the closely watched New York Mercantile Exchange delivery terminal at Cushing, Oklahoma - had been quickly restarted and that three others would soon follow. Light, sweet crude oil for January delivery fell 65 cents to $89.37 a barrel in Asian electronic trading on the Nymex by midday in Singapore. The contract rose $2.16 to settle at $90.02 a barrel Tuesday.

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