A deadline from the Environmental Protection Agency has passed, and the Enbridge (NYSE:EEP) pipeline transporting oil from Canada across the U.S. remains closed.
Consequently, the price of oil soared to its highest level since August 11, increasing $1.59 to $78.04 early in the trading session at the New York Mercantile Exchange.
Citigroup analyst Tim Evans in a note, "The petroleum markets were trading higher in early going Monday, with support coming from a stronger equity market, a weaker U.S. dollar, and ongoing concerns regarding the Enbridge pipeline outage as there were still no estimates on how long the disruption of Midwest crude oil deliveries will last."
Workers are getting ready to cut the section of the pipeline which caused the leak and replace it.
Over 6,000 barrels of oil have leaked from the pipe.
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