Oil Rises to Four-Month High on Seaway Restart
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Oil rose to the highest level in almost four months as service began on the expanded Seaway pipeline and heating oil jumped.
Futures advanced 0.6 percent after Seaway resumed service to the Gulf Coast from Cushing, Oklahoma, on Jan. 11. The line’s increased capacity of 400,000 barrels a day may help ease a glut at Cushing that has held down prices of West Texas Intermediate crude. Heating oil climbed the most in nearly two months on forecasts for cold weather in the East Coast and Midwest.