Oil Advances; Keystone Pipeline Set to Start
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Oil advanced from a two-week low in New York on speculation last week’s losses were excessive. TransCanada Corp. planned to start its Keystone pipeline today after a second delay.
Futures climbed as much as 0.8 percent after falling the most in more than two weeks on Oct. 19. Prices also advanced after the White House denied a New York Times report that administration officials agreed to one-on-one talks with Iran’s government over its nuclear program. TransCanada originally planned to resume operations Oct. 20 on the line that runs from Alberta to the main U.S. oil-storage hub in Cushing, Oklahoma.