Crude Declines on Speculation Seaway Reversal Won’t End Glut

Oil in New York declined, widening its discount to Brent crude, on speculation that the reversal of the Seaway pipeline won’t be enough to eliminate a glut in the U.S. Midwest.

West Texas Intermediate oil fell more than Brent two days after Brent’s premium sank to an eight-month low when Enbridge Inc. and Enterprise Products Partners LP said they will reverse the direction of the pipeline, sending crude from Cushing, Oklahoma, to the Gulf Coast. WTI is the New York benchmark.