Oil prices fell after expectations of pumping crude into the markets

Oil prices settled down, on Thursday, for the fifth consecutive session, due to expectations that work will soon resume on a major crude pipeline from Canada to the United States.

This will inject a huge amount of crude back into the market, at a time when the global economic slowdown has increased concerns about fuel demand.

Brent crude futures fell $1.02, or 1.3%, to settle at $76.15 a barrel, according to Reuters news agency.

US West Texas Intermediate crude futures also lost 55 cents, or 0.8%, to settle at $71.47 a barrel.

Canada’s TC Energy said it had shut down its 622,000-bpd Giant Keystone crude oil pipeline, the main line shipping Canadian heavy crude from Alberta to the US Midwest and Gulf Coast, after a leak.

And oil prices rose after the company announced the closure of the line at 02:00 GMT, Thursday. However, market sentiment changed after that, although the company did not announce a date for the resumption of pumping.

“We went back to looking at the demand outlook,” said John Kilduff, partner at Again Capital in New York.

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