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Oil jumped above $100 a barrel Wednesday, closing over that level for the first time in five months, Bloomberg reported.
Crude futures rose $3.22 to finish at $102.59 a barrel on the New York Mercantile Exchange, the highest closing price since May 31.
Oil last closed over $100 a barrel on June 9, when it finished at $101.93, according to Bloomberg figures
Prices have soared almost $30 in the past six weeks on the Nymex, from the mid-$70s in early October.
The gain Wednesday was due in part to a decision by Enbridge Inc., which will reverse the direction of its Seaway pipeline, adding an outlet for crude from the central U.S. and Canada, Bloomberg reported.
The change may alleviate a bottleneck at the Cushing, Okla., storage hub that has lowered the price of West Texas Intermediate crude, the grade traded in New York, against other oils, Bloomberg said.
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