Oil tumbles after Keystone pipeline returns to service

Fri May 31, 2013 11:16am EDT
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NEW YORK May 31 (Reuters) - Crude oil futures dropped sharply on Friday after TransCanada Corp said its 590,000 barrel per day Keystone pipeline had returned to service.

U.S. crude futures were already down $1 a barrel at $92.61 due to weak U.S. consumer spending data. After the pipeline started, U.S. crude fell as low as $92.25. Brent hit a session low of $100.70, down 1.5 percent from Thursday's settlement.