WTI Gains to One-Week High as U.S. Supplies Drop
This article is for subscribers only.
West Texas Intermediate rose to the highest level in a week as crude inventories shrank in the U.S., the world’s biggest consumer. Brent’s premium to WTI shrank to the narrowest in five months.
Futures gained as much as 0.8 percent in New York after rising 1.4 percent yesterday. Crude supplies dropped by 4.27 million barrels to 358 million last week, Energy Information Administration data showed. A gain of 750,000 barrels was forecast in a Bloomberg News survey. U.S. and Arab warplanes struck small refineries in eastern Syria controlled by Islamic State extremists, according to the U.S. Defense Department.