WTI Oil Rises, Narrows Discount to Brent

West Texas Intermediate crude rose, narrowing its discount versus Brent to the lowest level since July, on signs that Cyprus is moving closer to a deal to stave off financial collapse and as the U.S. economy improved.

WTI capped a third weekly gain and the euro increased against the dollar as a Cypriot lawmaker said talks are going in the right direction to avert the island’s financial collapse. U.S. jobless claims dropped to the least in five years last week, based on the four-week moving average, the Labor Department said yesterday. Brent lagged WTI’s rally as German business confidence unexpectedly fell.