UPDATE 2-Oil up at $75, pipeline re-start may cap gains

                                
 * Enbridge has regulatory approval for Friday pipe restart
                                
 * Technicals point to downtrend [ID:nSGE68G018]
                                
 * Coming Up: Univ. of Michigan consumer sentiment; 1355 GMT
  
                                
 (Adds comment, updates prices, PVS SINGAPORE)
                                
 By Marie-Louise Gumuchian
                                
 LONDON, Sept 17 (Reuters) - Oil rose to around $75 a barrel
on Friday, boosted by dollar weakness and stronger equities, but
the anticipated reopening of a major pipeline delivering crude
into the United States was expected to cap gains.
                                
 Prices have traded rangebound this year but spiked to a
one-month high after last week's closure of the Enbridge
<ENB.TO> Line 6A that brings Canadian crude to U.S. Midwest
refineries and the crucial Cushing, Oklahoma, oil hub.
                                
 U.S. crude for October contract <CLc1>, due to expire next
week, rose 52 cents to $75.09 a barrel by 0808 GMT.
                                
 November U.S. crude gained 68 cents to $76.42. ICE Brent for
November <LCOc1> rose 50 cents to $78.98. October Brent expired
on Wednesday.
                                
 "It (price rise) will be shortlived as this major oil
pipeline will be back in operation today," Carsten Fritsch at
Commerzbank said. "We expect oil prices to come under pressure
in the coming days."
                                
 The oil market has spent much of the year in lockstep with
equities and negatively correlated to the U.S. dollar, which was
down 0.36 percent against a basket of currencies on Friday.
                                
 European shares rose early on Friday. <.FTEU3>
                                
 U.S. crude touched $74.11 on Thursday, its lowest price
since Sept. 9, when a leak forced Enbridge Inc to halt flows
through the 670,000-barrel-per-day (bpd) Line 6A.
                                
 Line 6A is the main artery of Enbridge's Lakehead Pipeline
System, the backbone of U.S. oil imports from top supplier
Canada.
                                
 Enbridge has now completed repairs and received regulatory
approval to restart the duct, which carries up to a third of
Canada's U.S.-bound crude shipments, restoring nearly 5 percent
of imports for the world's largest oil consuming nation.
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 Investment bank Goldman Sachs said on Friday that
commodities, like oil, which follow a cyclical trend have upside
potential. [ID:nLDE68G0IB]
                                
 "We believe that near-to-medium term fundamentals remain
most constructive for crude oil, copper, platinum and corn,
with short-term risk/reward looking the best for crude oil,"
Goldman said in a research note.
                                
 Hurricane Karl formed in the southern Gulf of Mexico on
Thursday and gained strength as it headed across Mexico's
offshore oil patch. [ID:nN16261186]
                                
 Mexican oil monopoly Pemex said it had halted production at
14 wells in the Gulf of Mexico and evacuated personnel as Karl
moved through a key offshore production area. Two of Mexico's
main oil exporting ports also closed as Karl passed through the
region. [ID:nWNA9923] [ID:nN16121343]
                                
 (Additional reporting by Alejandro Barbajosa in Singapore;
editing by Sue Thomas)