Brent Oil Premium Rises to One-Year High; WTI Near Three-Day Low
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Brent crude traded at the highest premium in a year to futures in New York amid concern that supplies from the North Sea and the Middle East will be disrupted and speculation U.S. stockpiles are increasing.
Brent in London climbed to as high as $24.28 a barrel more than West Texas Intermediate as WTI remained little changed near a three-day low. The European Union tightened sanctions on Iran’s energy exports, while Nexen Inc. declined to give a specific date for resuming its Buzzard field in the North Sea after maintenance. Crude inventories in the U.S., the world’s biggest oil user, rose 1.5 million barrels last week, according to a Bloomberg News survey before a government report tomorrow.