Oil settled lower for a fifth straight session on Thursday on the prospect of a major crude pipeline resuming service, which would return a hefty amount of crude to the market at a time when global economic slowdowns are raising fuel demand fears. WTI shed 1%: U.S. West Texas Intermediate crude settled at $71.46/bbl, down 55 cents a barrel, or 0.8%. Brent crude settled at US$76.15/bbl, losing $1.02, or 1.3 percent day over day. TC Energy Corporation said it shut its 622,000 bbls/d Keystone pipeline, which ships heavy Canadian crude from Alberta to the U.S. Midwest and Gulf Coast, after a spill into a Kansas creek. Oil prices rose after the company announced the closure and the basis got crushed in Alberta on the back of pipeline capacity to take crude away.

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