Oil
rose as the difference between U.S. and global benchmark prices
narrowed to the smallest in eight months amid rising North Sea
deliveries and falling stockpiles at the largest U.S. storage hub.
The
spread between West Texas Intermediate and Brent closed at $2.04, the
least since January. A narrowing spread signals that the global supply
glut is growing while there may be relative tightening in parts of the
U.S. Stockpiles at Cushing, Oklahoma, the delivery point for WTI traded
in New York, fell 1 million barrels last week in a Bloomberg forecast.
WTI
for October delivery increased 59 cents, or 1.3 percent, to settle at
$44.59 a barrel on the New York Mercantile Exchange. The volume of all
futures traded was 20 percent above the 100-day average at 4:44 p.m.
Futures
extended gains after the American Petroleum Institute was said to
report U.S. crude supplies slipped 3.13 million last week. The contract
traded at $45.15 at 4:44 p.m.
Brent
for October settlement, which expired Tuesday, rose 26 cents, or 0.6
percent, to $46.63 a barrel on the London-based ICE Futures Europe
exchange.
Source: Bloomberg
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