WTI Advances for Second Day, Narrowing Discount to Brent
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Brent and West Texas Intermediate crudes capped a second weekly gain as the U.S. said it will send military advisers to Iraq to help repel militants in OPEC’s second-biggest oil producer.
The European grade rose 1.2 percent this week while WTI advanced 0.3 percent. Brent reached a nine-month high yesterday as President Barack Obama said he’s sending as many as 300 troops to help the Iraq battle an insurgency and the U.S. may take more “targeted” action. Ukraine announced a week-long unilateral cease-fire in eastern regions bordering Russia. WTI settled at a nine-month high today as a U.S. pipeline reopened.