WTI Oil Rises to One-Month High on Cyprus

West Texas Intermediate crude rose to a one-month high as Cyprus agreed with creditors on a bailout, reducing concern that Europe’s debt crisis will deepen. WTI narrowed its discount to Brent oil to the least since July.

Futures climbed 1.2 percent after Cyprus accepted the outlines of an aid package from the European Union, European Central Bank and International Monetary Fund. Prices retreated from the day’s highs after a report that a European official said the bank-restructuring plan should be viewed as a template for the rest of the region. The difference between WTI and Brent futures slipped over the past week as U.S. refinery demand and North Sea output increased.