WTI-Brent Crude Spread Grows for Sixth Day on U.S. Supply
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The spread between West Texas Intermediate and Brent widened to an eight-month high after industry data showed crude stockpiles rose for a ninth week in the U.S., the world’s biggest oil consumer.
Futures fell as much as 1.2 percent in New York. U.S. crude inventories increased by 6.92 million barrels last week, the American Petroleum Institute said yesterday. An Energy Information Administration report today is projected to show supplies climbed by 750,000 barrels, according to a Bloomberg News survey. The Organization of Petroleum Exporting Countries will keep its production quota unchanged at a meeting next week in Vienna, a separate Bloomberg News survey showed. Brent rose as much as 0.6 percent in London.