NEW YORK: Oil prices edged lower on Thursday on the prospect of a major crude pipeline that shut after a leak resuming service, which would return a hefty amount of crude to the market at a time when global economic slowdowns are raising fuel demand fears.

US oil may drop more into $70.72-$72.04 range

Brent crude lost 50 cents, or 0.7%, to $76.67 a barrel by 1:37 p.m. EST (1837 GMT), while US West Texas Intermediate (WTI) crude shed 16 cents, or 0.2%, to $71.85.