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As other people have told you the fitting is for the oil pressure line.
and do not start the car until you have the line reinstalled.
Also if it broke when you were working on the car I would repl. the entire line. They are plastic and they make a mess inside the car if it happens to break there.
I saw what happened when a rubber gauge line let go on a 41 Chebby truck. That was NOT fun - especially since the damage wasn't very evident when the pressure was off. It was at the shop for over a week, I spent an afternoon studying every inch of the engine before I found the problem.
Which line do you like the best, plastic or copper? I have both and really don't know which to go with.
There have been posts on other boards about using copper. The gist of the article was that copper is so brittle that you will have an engine oil fed fire some time after you start using copper. Hopefully the copper colored lines are copper plated steel. you can check with a magnet. OTH, all of the parts houses sell the plastic lines and they are easy and cheap to install.
i replaced mine with a plastic line. still flexible, and the hard cover will not crack or pinch easily. DO NOT RUN ENGINE WITH LINE DISCONNECTED ON EITHER SIDE. BEEN THERE.......