WTI Crude Gains as Supplies Tumble First Time in 11 Weeks
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West Texas Intermediate surged to a five-week high after U.S. crude inventories declined for the first time in 11 weeks. The WTI-Brent spread was the narrowest in nine days.
Futures climbed 1.2 percent. Supplies fell 5.59 million barrels last week, a government report showed, more than 10 times analysts’ median forecast in a Bloomberg survey. Refineries operated at the highest rate since September. WTI also gained on TransCanada Corp. plans to start part of its Keystone XL pipeline to the Gulf Coast from Cushing, Oklahoma.