WTI Crude Rises on Cushing Supplies
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West Texas Intermediate crude rose for a second time this week, narrowing its discount to Brent, as inventories dropped at Cushing, Oklahoma.
Prices advanced 0.7 percent. Stockpiles at the futures’ delivery point slid 1.08 million barrels last week, the Energy Information Administration said. Supplies have shrunk since TransCanada Corp. said in January that it began using the southern leg of the Keystone XL pipeline to move oil to Texas from Cushing. Total crude stocks increased less than forecast.