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Brent-WTI Spread Expands to Seven-Month High on Libya

Brent crude gained, extending its premium over West Texas Intermediate to a seven-month high, amid concern that recurring protests in Libya will disrupt the North African nation’s oil exports for an extended period.

Futures rose as much as 1.4 percent. Protests kept the country’s 120,000 barrel-a-day Zawiya refinery closed for more than a day, Ibrahim Al Awami, the oil ministry’s head of measurement and inspection, said by phone today. Another official later said the plant had reopened. In Iraq, eight people were killed in a triple bombing during a religious festival, the BBC reported.