Brent Oil Premium to WTI Narrows to Two-Month Low
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The gap between West Texas Intermediate and Brent narrowed to the least in almost two months as U.S. crude stockpiles were forecast to fall and Ukraine said peace talks with Russia yielded progress.
Futures rose as much as 0.5 percent in New York and Brent was steady in London. U.S. crude stockpiles probably shrank by 1.5 million barrels in the week ended June 6, according to a Bloomberg News survey before data from the Energy Information Administration tomorrow. Two days of talks with Russia led to an agreement to implement parts of President Petro Poroshenko’s peace plan, Ukraine’s Foreign Ministry said in a statement.