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Oil hits US$100, first time since July
OIL prices hit US$100 per barrel for the first time in nearly four months yesterday as US supplies dropped, and a pipeline deal promised to cut them further.
Prices have soared 26 percent since the end of September as the US economy improves and tensions rise in countries that hold some of the world’s major sources of crude.
The price of US benchmark crude settled US$3.22 higher at US$102.59 per barrel on the New York Mercantile Exchange.
Oil prices jumped after a Canadian pipeline company announced it would ship crude away from a key delivery point in the Midwest.
The delivery point in Cushing, Oklahoma, has been historically oversupplied with little access to international oil markets. That appeared to change yesterday when Enbridge Products Partners L.P. announced it bought a 50 percent stake in the Seaway pipeline from ConocoPhillips for US$1.15 billion. The company plans to use it to transport oil from Cushing to refineries along the Gulf Coast, where much of it will be shipped overseas because of rising demand from Latin America.
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