Oil Rises for First Time in 3 Days on Alaskan Pipeline Shutdown
This article is for subscribers only.
Oil climbed for the first time in three days after an Alaskan pipeline carrying about 15 percent of U.S. crude output was shut following a leak.
Futures gained as much as 2.2 percent after the Trans-Alaska Pipeline System was closed Jan. 8, forcing companies including BP Plc to suspend 95 percent of production from the North Slope area. China’s oil imports rose 18 percent in 2010, the country’s customs data showed today, underscoring surging demand in the world’s largest energy user.