Oil Drops a Second Day on Rising Inventories, Pipeline Repairs
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Oil fell for a second day after an industry report showed U.S. crude stockpiles rose and as a federal official said Enbridge Energy Partners LP is allowed to restart a shut pipeline by the end of the week.
Futures dropped after the American Petroleum Institute said oil inventories increased by 3.33 million barrels last week to 361.8 million, the highest level for this time of year in a decade. Crews worked to attach a section on Enbridge’s Line 6A, which transports 670,000 barrels a day from Canada to U.S. refineries.