WTI Falls as Oil Supplies Rise, Widens Discount to Brent
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West Texas Intermediate dropped to its lowest intraday level in almost five weeks, widening its discount to Brent amid rising crude inventories in the U.S.
WTI declined as much as 1.8 percent in New York, expanding the discount to the European benchmark to $9 a barrel for the first time since Feb. 17. Crude stockpiles grew by 2.63 million barrels last week, the American Petroleum Institute said yesterday. An Energy Information Administration report today may show supplies climbed by 2 million, according to a Bloomberg News survey of analysts. Brent’s losses were capped amid instability in Libya, holder of Africa’s biggest reserves.