WTI Crude Rises to One-Month High on Gasoline Demand
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West Texas Intermediate crude climbed to a one-month high as a government report showed that rising gasoline use reduced inventories of the fuel. WTI’s discount to Brent shrank to the narrowest since September.
Prices gained 1 percent in New York. Gasoline demand jumped to a three-month high in the four weeks ended April 4 as supplies dropped to the least since November, the Energy Information Administration said. Crude extended gains as U.S. equities advanced and the dollar weakened after minutes of the last Federal Reserve meeting eased concern about the timing of future interest rate increases.