UPDATE 4-Oil up around $75, pipeline restart may cap gains

                                
 * Enbridge has regulatory approval for Friday pipe restart
                                
 * Technicals point to downtrend [ID:nSGE68G018]
                                
 * Hurricane Karl may hit Mexico with floods, mudslides
                                
 
  (Adds comment, updates prices)
                                
 By Marie-Louise Gumuchian
                                
 LONDON, Sept 17 (Reuters) - Oil rose to around $75 a barrel
on Friday, boosted by rising equities and a hurricane threat,
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 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 33 cents to $74.90 a barrel by 1151 GMT, having
earlier hit $75.25.
                                
 November U.S. crude gained 57 cents to $76.31. ICE Brent for
November <LCOc1> rose 63 cents to $79.11. 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."
                                
 Hurricane Karl closed in on the Mexican coast for the second
time Friday with winds up to 120 miles per hour/(194 kph).
                                
 State-run oil giant Pemex evacuated platforms in the path of
the storm and halted production at 14 minor wells, the company
said in a statement that did not detail how those measures would
disrupt production. [ID:nN17205611] 
                                
  "That (hurricane Karl) has had a supportive role but
Enbridge is putting a bit of pressure on front-month WTI," Tony
Machacek of Bache Commodities said, referring to U.S. crude
benchmark West Texas Intermediate (WTI).
                                
 Enbridge has 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.
[ID:nN16273120]
                                
 Line 6A is the main artery of Enbridge's Lakehead Pipeline
System, the backbone of U.S. oil imports from top supplier
Canada.
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
                                
 Take a Look-Enbridge crude line to reopen [ID:nN10265810]
                                
 For a map: http://link.reuters.com/mes92p
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
                                
 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.
                                
 The oil market has spent much of the year in lockstep with
equities and negatively correlated to the U.S. dollar, which was
down 0.28 percent against a basket of currencies on Friday.
                                
 World stocks hit their highest level in nearly five months
on Friday, supported by optimism on consumer demand. [MKTS/GLOB]
                                
 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.
                                
 (Additional reporting by Alejandro Barbajosa in Singapore;
editing by Lin Noueihed)