WTI Crude Rises to Two-Week High on Cushing Supplies
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West Texas Intermediate crude advanced to the highest level in more than two weeks after supplies at Cushing, Oklahoma, the delivery point for the contract, reached a two-year low. Brent gained in London.
WTI rose 1 percent. Cushing supplies fell 1.33 million barrels last week to 28.5 million, the Energy Information Administration said yesterday. President Barack Obama said yesterday that the crisis in Ukraine may escalate and warned that sanctions on Russia may include the energy sector. WTI’s gain also narrowed the discount to Brent.