WTI Crude Caps Fourth Weekly Advance and Surpasses Brent
This article is for subscribers only.
West Texas Intermediate capped a fourth weekly gain as the U.S. showed signs of economic recovery and as crude inventories dropped. WTI exceeded Brent for the first time since 2010 in intraday trading.
Prices settled at a 16-month high as Moody’s Investors Service revised the U.S.’s Aaa credit-rating outlook to stable from negative. Crude supplies tumbled 27.1 million barrels in three weeks ended July 12, the most in weekly statistics dating to 1982. WTI surpassed Brent by as much as 3 cents as pipeline and rail shipments helped clear a U.S. bottleneck.