Oil in New York Surges Above $100 on Reversal of Seaway Pipeline
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Oil climbed above $100 a barrel in New York to a five-month high as Enbridge Inc. said it will reverse the direction of the Seaway pipeline, adding an outlet for crude from the central U.S. and Canada.
Futures surged 3.2 percent after Enbridge agreed to acquire ConocoPhillips’s share of the pipeline that runs between Cushing, Oklahoma, and the Gulf Coast and announced the reversal. The change may alleviate a bottleneck at the Cushing storage hub that has lowered the price of benchmark West Texas Intermediate against other oils.