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Brent Premium to WTI Reaches Widest Point in Eight Months

West Texas Intermediate’s discount to Brent reached an eight-month high as rising inventories weighed on U.S. futures and limited progress in Iran nuclear negotiations supported the European benchmark.

The spread widened to $16.21 from $14.64 yesterday. WTI declined as rising domestic output added to inventories at record highs for this time of year. Brent reached a six-week high as envoys haggled over language in their efforts to ease the standoff over the atomic ambitions of Iran, whose oil exports have been reduced by sanctions.