US crude prices rise on reports of falling stockpiles, lower Canadian supply [CNBC]
TC Energy Corporation (TRP)
Last tc energy corporation earnings: 5/1 07:30 am
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Source: CNBC
Getty Images U.S. crude prices rose on Tuesday on signs of inventory declines at a key storage hub and reduced supply from Canada to the United States caused by pipeline reductions. Meanwhile Brent eased under pressure from a stronger dollar. Oil prices hit a near two-week high after data from market intelligence firm Genscape showed inventories at Cushing, Oklahoma, the delivery point for U.S. crude futures fell 2.1 million barrels in the week to Feb. 16, traders who saw the data said. The combination of a new pipeline running from the hub to Memphis, along with reduced flows from TransCanada 's Keystone pipeline, have sent stockpiles in Cushing to the lowest in about three years. Flows on Keystone pipeline were decreased after a leak in November. show chapters A strengthening dollar , which hit a six-day high, however, weighed on oil prices. A more robust dollar makes oil and other dollar-denominated commodities m
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