Brent Oil Rises to 12-Week High as Physical Market Seen Tighter
- Brent and WTI crude spreads seen stronger as supplies shrink
- Broader market rally sparked by Steve Bannon’s departure
How Markets May Reflect Bannon's White House Exit
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Brent rose to the highest since late May on signs supplies are tightening and a broader market rally sparked by Steve Bannon’s departure from the White House.
The global benchmark rose 3.3 percent. U.S. stocks surged earlier following the ouster of President Donald Trump’s chief strategist. Government data earlier in the week showed that crude stockpiles declined the most since September last week, while U.S. oil production had the biggest weekly advance since June. Meanwhile, the global physical market is strengthening beyond the seasonal peak in demand.