Crude in the Gulf of Mexico fell as the spread between Brent and West Texas Intermediate narrowed.
Brent’s premium to the U.S. benchmark fell 60 cents to $22.13 a barrel at 1:30 p.m. New York time. Gulf oils are linked to Brent because they compete with the global benchmark for space in U.S. coastal refineries.
Light Louisiana Sweet fell 75 cents to a premium of $23 a barrel to WTI on the spot market in the Cushing, Oklahoma, oil hub at 2:01 p.m. New York time, according to data compiled by Bloomberg. The oil, which is the benchmark light, sweet crude on the Gulf Coast, gained against Brent the past three sessions.
Heavy Louisiana Sweet fell 55 cents to $21.95 a barrel more than WTI. Other Gulf crudes, such as Mars Blend, Poseidon, Southern Green and Thunder Horse, also fell against the benchmark.