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BP PLC will cede control of its storage operations in Cushing, Okla., the main U.S. oil trading point, as part of a $289 million sale of assets to Magellan Midstream Partners LP.
BP will sell 7.8 million barrels of storage at Cushing, where the price for benchmark West Texas Intermediate crude is set. BP’s oil-trading business, which now has the advantage of physical oil storage, will rely on contracts with Magellan and others after the sale.
Denver Post staff and wire reports
