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Oil Rises With Gasoline as Pipeline Shutdown Curbs Fuel Supply

  • Gasoline, diesel surge as Colonial Line 1 restart delayed
  • Oil oversupply will last into 2017 as demand growth slows: IEA
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How Long Will the Oil Glut Last?

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Crude climbed, led by gasoline’s biggest jump since May, after the restart of a pipeline carrying fuel to New York Harbor was delayed.

Gasoline surged 5.1 percent after the projected restart of Colonial Pipeline’s Line 1, which can carry more than 1 million barrels a day of gasoline from the Gulf Coast to the eastern U.S., was pushed back to next week. The crack spread, a rough measure of profit margins from refining crude into gasoline, jumped to the highest level since June. The S&P 500 Index jumped and the dollar slipped against its peers, also bolstering oil futures.