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Commodities Briefing - Categorized | Oil, Price Watch more

Oil back at $100: Higher prices here to stay as pipelines ease cushing oversupply

Posted on 17 November 2011

Despite a U.S. economy that moves forward at snail’s pace and Europe teetering on the brink of collapse, oil prices surged past $100 a barrel in New York Wednesday.
Feeding the price action was Enbridge’s acquisition of the Seaway Pipeline from ConocoPhillips and its announcement that it would reverse the pipeline’s direction, easing oversupply caused by a bottleneck in Cushing, Okla., the national price point for crude oil……………………………………..Full Article: Source


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