Crude goes down on pipeline restart

Crude goes down on pipeline restart

On Tuesday, crude sank in Asia amid uncertainty as for a probable extension of output cuts by key oil producers as well as expectations of higher supply because the Keystone pipeline restarts.

Brent futures dived to $63.72 a barrel, losing 0.2% from their last close.

American West Texas Intermediate futures slumped 0.5% being worth $57.82 a barrel having sagged    1.4% in the previous session.

On Friday, US crude hit $59.05 a barrel, which is the highest value since mid-2015, driven by the outage of the Keystone pipeline, Canada's one of key crude export routes to America.

This week TransCanada Corp told it would have the 590,000 barrel-per-day pipeline restarted at reduced pressure a bit later on Tuesday having obtained approval from American regulators.

Ongoing uncertainty over Russia's determination to join other key crude producers in their extending crude output curbs beyond next March has put pressure on crude markets.

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