WTI Oil Gains on Forecast Crude Flow on Seaway Pipeline to Rise
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West Texas Intermediate oil rose after operators said the flow of crude on the Seaway pipeline will climb and as the Standard & Poor’s 500 Index surged to a five-year high.
WTI increased 0.8 percent as Enterprise Products Partners LP said Seaway volumes will average 295,000 barrels a day between February and May, up from 180,000 barrels in January. Traders are counting on the pipeline to cut a historic supply glut at Cushing, Oklahoma, where Nymex futures are delivered. The premium of Brent oil traded in London to WTI slipped on Seaway and proposed changes to North Sea pricing formulas.