WTI, Brent Post Weekly Declines as Global Supplies Rise
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West Texas Intermediate crude pared the biggest weekly drop since January amid signs of a global glut. Brent, the benchmark for more than half the world’s oil, gained after reaching a four-year low in intraday trading.
WTI closed yesterday more than 20 percent below its June peak, a common definition of a bear market. Brent is down 22 percent from the June high. Both crudes settled higher for the first time in four days after falling more than 2 percent during trading today.