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Brent Adds to Premium Over WTI as Libyan Production Falls

Brent crude rose the most in two weeks as Libyan output fell, widening the premium to West Texas Intermediate. Futures also gained on speculation that the U.S. Federal Reserve will maintain the pace of stimulus.

Brent oil traded in London surged 2.5 percent after state-run National Oil Corp. said crude production in Libya declined to 250,000 barrels a day because of labor protests. WTI in New York advanced 0.9 percent a day before the Federal Open Market Committee starts a two-day meeting at which it is likely to delay reducing, or “tapering,” monthly bond purchases until March, according to a Bloomberg survey of economists.