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Intermediate oil fell for the first time in six days, widening its discount to
Brent, on speculation that the closure of an Exxon Mobil Corp. (XOM) pipeline
WTI slid as
much as 1.3 percent as Exxon shut the Pegasus pipeline, which moves oil from
barrel-a-day Pegasus pipeline will need to be excavated as Exxon determines
what caused the breach, and Exxon is awaiting regulatory approval to begin
excavation work and repairs, Alan Jeffers, a company spokesman in
20-inch (51-centimeter) line that runs to
WTI for May delivery slipped to $95.92 a barrel on the New York Mercantile Exchange.
Brent for May settlement dropped 21 cents to $109.81 a barrel on the London-based ICE Futures Europe exchange. The European grade’s premium to WTI widened to as much as $13.86 a barrel after settling at $12.79 on March 28, the narrowest level since June 25.
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