WTI Advances to 14-Month High Slimming Brent Gap to $3
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West Texas Intermediate jumped to its highest level in 14 months amid declining crude stockpiles in the U.S., narrowing its discount against Brent to less than $3 a barrel for the first time since 2010.
Futures climbed above $105 a barrel for the first time since May 3, 2012. Crude inventories fell by 9 million barrels last week, said a person with knowledge of data from the industry-funded American Petroleum Institute. A government report later today may show that supplies dropped by 3.2 million barrels, according to a Bloomberg News survey. OPEC forecast lower demand for its crude in 2014.