Oil prices climb after leak shuts Trans-Alaska Pipeline

Jan 10, 2011 | 07:29 AM |

The Trans-Alaska Pipeline remained shut Monday and oil prices surged after a leak was discovered on the 800-mile system Saturday.

The incident has forced producers on Alaska's North Slope to cut production by 95 percent, according to Alyeska Pipeline Service Co., which operates the Trans-Alaska Pipeline.

Prices for light sweet crude oil for February delivery jumped more than 1.5 percent to $89.40 per barrel as of midday Monday on the New York Mercantile Exchange.....

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