UPDATE 5-Oil falls to below $74, U.S. sentiment, line weigh

                                
 * Enbridge has regulatory approval for Friday pipe restart
                                
 * Technicals point to downtrend [ID:nSGE68G018]
                                
 * Hurricane Karl may hit Mexico with floods, mudslides
                                
 
  (Adds comment, U.S. consumer sentiment, updates prices)
                                
 By Marie-Louise Gumuchian
                                
 LONDON, Sept 17 (Reuters) - Oil fell to trade below $74 a
barrel on Friday, after negative news on U.S. consumer
confidence and ahead of the anticipated reopening of a major
pipeline delivering crude into the United States.
                                
 U.S. consumer sentiment unexpectedly worsened in early
September to its weakest level in more than a year, as distress
over jobs and finances intensified among upper-income families,
a survey showed. [ID:nN17137976]
                                
 U.S. crude for October contract <CLc1>, due to expire next
week, reversed earlier gains to trade down 77 cents at $73.80 a
barrel by 1507 GMT.  November U.S. crude shed 60 cents to
$75.14. ICE Brent for November <LCOc1> fell 40 cents to $78.08.
October Brent expired on Wednesday.
                                
 U.S. crude 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. 
                                
 "... 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 U.S. stocks turned negative on Friday following the
report on consumer sentiment. [ID:nN17138442]
                                
 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
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
                                
 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] 
                                
 "It could have some impact on oil production and it will
have some impact on oil exports out of Mexico and therefore it
will show in next week's (stocks) statistics for the U.S.,"
Christophe Barret, an oil analyst at Credit Agricole said.
                                
 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 Keiron Henderson)