US crude given a boost by TransCanada's pipeline fill
U.S. oil futures turned positive on Monday, after an update on operations of a key pipeline spurred demand for U.S. crude contracts.
NYMEX West Texas Intermediate (WTI) oil futures are up more than 10 cents near $98 a barrel, up from a session low of $97.31 a barrel. TransCanada said this morning that it began filling the Gulf Coast Pipeline on Saturday, a physical hub for WTI oil futures in Oklahoma and the Texas coast. The news accelerates the start of commercial service on a pipeline that is expected to carry 700,000 barrels per day of crude oil.
The company said about three million of barrels of oil will be injected into the system, beginning in Cushing, Oklahoma and moving down to the company's facilities in the Houston refining area. The company would not specify the date when commercial service on the pipeline will begin.
—By CNBC's Sharon Epperson. Follow her on Twitter: @sharon_epperson.