WTI-Brent Spread Widens on Smaller Drop at Cushing
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West Texas Intermediate crude’s discount to Brent widened as supplies at Cushing, Oklahoma, dropped by the least in nine weeks.
The Brent-WTI spread rose from the lowest level since April after the Energy Department said supplies at Cushing, the delivery point for WTI futures, dropped 198,000 barrels to 21.2 million last week. Falling inventories at the hub have boosted U.S. prices and narrowed the gap. Brent gained on concern that Middle East tension will spread and disrupt supplies.