Brent Nears $100 on Cold Snap; WTI Falls After U.S. Jobless Data

Brent crude headed toward $100 a barrel, widening the spread with New York oil futures as crude stockpiles remained above their seasonal average and jobless claims increased in the U.S., the world’s largest consumer.

Brent traded above $98 a barrel for a second day as wintry weather in Europe and the U.S. boosted demand for heating oil. West Texas Intermediate in New York declined after Labor Department figures showed initial jobless claims increased more than economists estimated last week and an Energy Department report yesterday showed increasing inventories of oil products.