Crude Reaches 16-Month High as Discount to Brent Narrows
This article is for subscribers only.
West Texas Intermediate rose to the highest level in almost 16 months as U.S. jobless claims declined and equities advanced. WTI’s discount to Brent narrowed to less than $1 for the first time since 2010.
Prices climbed 1.5 percent after the Labor Department said jobless claims dropped last week to the fewest since early May. The Standard & Poor’s 500 Index reached a record intraday high on better-than-forecast earnings. The Brent-WTI spread contracted to 93 cents as inventories decreased at Cushing, Oklahoma, a major U.S. hub.