asian oil expansion of oil pipelines in us
Last Updated : GMT 16:22:18
Arab Today, arab today
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Asian oil expansion of oil pipelines in US

Arab Today, arab today

Arab Today, arab today Asian oil expansion of oil pipelines in US

Kuala Lumpur - KUNA

Oil prices rose in Monday\'s Asian trading in Singapore, after the completion of pipelines\' expansion project in the United States, which would reduce U.S. stockpiles surplus. On the New York Mercantile Exchange, light, sweet crude futures for delivery in February rose 60 cents to reach USD 94.16 a barrel, while Brent North Sea crude was up 34 cents to USD 110.98 a barrel. The expansion project Seaway pipeline, which was completed on Friday, would provide 40,000 barrels of crude oil daily from surpluses in markets in Cushing, Oklahoma to the Gulf coast refineries. Marine pipelines used to transport 150,000 barrels daily only to refineries, which caused over-accumulation of reserves. Analysts said that the pipeline will contribute in raising oil prices, which began immediately after the completion of the project, especially that it will enhance the capacity of the refineries, and the reduction of crude stocks in Cushing.

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