The rapid collapse in spreads between Brent and WTI crude oil prices is accelerating today on news that Enbridge will purchase ConocoPhillips' stake in the Seaway pipeline. Additionally Enbridge will reverse the flow of oil to bring crude from Oklahoma to the Gulf in stead of the other way around. This will help to alleviate the glut that has built up at Cushing, and depressed the price of WTI crude oil. On this news, the spread between Brent and WTI crude oil is now under $10 for the first time since March.
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