WTI Rebounds Following Biggest Weekly Drop in Six Months

West Texas Intermediate oil rebounded after its biggest weekly drop in six months, snapping three days of losses. Brent’s premium to New York crude was near the smallest it has been since June.

Futures gained as much as 1.1 percent in New York after falling 4.7 percent last week, the biggest drop since the period ended Sept. 21. The main rebel group in Nigeria, Africa’s largest crude producer, said it killed 15 security personnel in an attack in the southern oil-producing Bayelsa state. Net-long positions in WTI held by money managers climbed 3.2 percent in the seven days ended April 2, and by 8.9 percent for Brent, separate reports showed.