Brent Falls to Shrink Premium to WTI Before Cyprus Vote
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Brent crude fell, shrinking its premium to U.S. oil to less than $15 a barrel for the first time since January, as Cyprus prepared to vote on a bank levy amid renewed concern that Europe’s debt crisis will worsen.
Futures lost as much as 0.8 percent in a second daily decline, narrowing the premium to West Texas Intermediate to the least since Jan. 18. Cypriot lawmakers are scheduled to vote today on how to spread the burden of raising 5.8 billion euros ($7.5 billion) from bank depositors to unlock emergency loans. A government report tomorrow may show U.S. crude supplies rose to the highest level since June.