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LONDON (MarketWatch) - Crude-oil futures rallied over $3 a barrel on Thursday, following a fire to a Canadian pipeline will halt nearly a fifth of U.S. imports.
Futures for January delivery rose $3.41 to $94.03 a barrel as Enbridge (EEP:

EEP 53.42, +0.12, +0.2%) said there was an explosion on one of its pipelines, which killed two of its workers.
The explosion occurred approximately three miles southeast of Enbridge's Clearbrook, Minnesota terminal.
Canada is the biggest supplier of foreign crude to the United States.
The news turned oil futures around, after Wednesday's big drop following data that showed U.S. crude inventories fell less than expected.
Crude prices also have been under pressure of late on concerns the Organization of Petroleum Exporting Countries will boost production quotas

This is the kind of news that, in a sane world, would hardly raise an eyebrow. One pipeline. Sour crude. The supply system in the US is more than capable of dealing with this.

As it is, judging by crude falling back at approx 12pm, panic is over!

Bring on $80 crude.