Oil Rises on Improving Data as Brent-WTI Spread Narrows

Oil climbed after reports pointed to accelerating global growth and as the spread between West Texas Intermediate crude in the U.S. and London’s Brent narrowed on speculation the Seaway pipeline will soon resume full shipments.

Futures rose 0.8 percent as U.S. jobless benefit claims fell to a five-year low. WTI’s discount to Brent widened yesterday after Enterprise Products Partners LP said capacity was limited on Seaway, cutting shipments from the central U.S. to the Gulf Coast. An Energy Information Administration report showed crude supplies rose last week.