* IEA trims 2011 oil demand growth forecast by 50,000 bpd
* Front-month US crude strengthens relative to Brent, curve
* Enbridge says oil Line 6A still shut, cleanup continues
(Adds Enbridge, comment, updates prices)
By Marie-Louise Gumuchian
LONDON, Sept 10 (Reuters) - U.S. crude rose more than $1 a
barrel to over $75 on Friday due to the shutdown of a major
pipeline, but a leading forecaster said demand would stay tepid.
The International Energy Agency said global oil demand
growth was expected to increase a little this year but to slip
in 2011 and that fuel consumption could be much weaker if the
world economy slows. []
Front-month U.S. crude for delivery in October <CLc1> rose
$1.32 to $75.57 a barrel at 1350 GMT after earlier approaching a
three-week high near $76. It touched $75.96 on Thursday, the
highest intraday price since Aug. 19.
The November contract <CLc2> added 80 cents to $76.59.
Brent crude <LCOc1> gained 2 cents to $77.49.
"Since markets dislike uncertainty, they will usually
discount a worse case situation until some clarity is
forthcoming," Jim Ritterbusch, president at Ritterbusch &
Associates in Galena, Illinois, said in a research note.
Enbridge Inc <ENB.TO> said on Friday that Line 6A pipeline,
which carries crude oil from Canada to the Midwest and Cushing,
Oklahoma, remained shut as the cleanup of an oil leak continued
near Romeoville, Illinois. []
Canada is the largest oil exporter to the U.S., and
Enbridge's pipelines carry the lion's share of that crude.
Enbridge Inc <ENB.TO> closed its 670,000 barrel-per-day
(bpd) Line 6A, the largest of the company's major three, after a
leak was discovered near Romeoville. The duct accounts for 7-8
percent of total U.S. crude imports. []
Six weeks ago Enbridge was forced to shut down another
smaller part of its Lakehead system, which the U.S. government
has not yet allowed to resume operations following heightened
scrutiny because of BP Plc's <BP.L> Gulf of Mexico spill.
BRENT PREMIUM SHRINKS
The IEA, which advises major industrial countries on energy
policy, said global oil supply was more than sufficient to meet
demand, highlighting high levels of industry stocks across the
developed world.
Record stockpiles in the United States have this month
depressed the price of U.S. benchmark crude relative to European
Brent <LCOc1>. The Enbridge pipeline shutdown might help ease a
glut at the Cushing, Oklahoma, pricing point, which is chiefly
supplied with Canadian oil.
Brent posted its biggest premium to WTI since mid-May
earlier this week at more than $3.50 a barrel, shrinking on
Friday to just under $2.
"We don't know the timeline for when the leak is likely to
be fixed. We're likely to see more draws in Cushing than was
previously expected," Amrita Sen of Barclays Capital said.
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Graphic of Enbridge system: http://link.reuters.com/qyz52p
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World stocks measured by MSCI All-Country World Index
<.MIWD00000PUS> were up 0.11 percent. The dollar was up 0.09
percent against a basket of currencies. <.DXY>
(Additional reporting by Gene Ramos in New York and Alejandro
Barbajosa in Singapore; editing by Jane Baird and Keiron
Henderson)
