WTI-Brent Oil Spread Narrows for First Time in Five Days
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The spread between West Texas Intermediate and Brent narrowed for the first time in five days on forecasts that U.S. crude inventories shrank, their first decline since mid-September.
WTI futures advanced as much as 0.6 percent before an Energy Information Administration report tomorrow that will show crude stockpiles slid by 300,000 barrels in the week ended Nov. 22, according to a Bloomberg News survey. Brent was little changed. Oil prices fell in London and New York yesterday after Iran and world powers reached an interim agreement on Nov. 24 to restrict the Persian Gulf nation’s nuclear program.