BY CHIP CUMMINS
Canada's Enbridge Inc. agreed to buy a 50% stake in a pipeline currently moving oil from the U.S. Gulf Coast to Oklahoma, and then reverse the flow—a move that could ease a bottleneck of crude in the Midwest.The announcement sent U.S. crude prices soaring on expectations that the Midwest glut of oil could soon be released and fetch prices closer to more expensive, international benchmarks.
Enbridge said it will pay $1.15 billion for ConocoPhillip's 50% stake in the Seaway Crude Pipeline System, becoming joint owner of the line with Enterprise Products Partners LP, the line's operator.
Enterprise and Enbridge ...
