Oil rose for the
second time in nine days after trading below $45 a barrel for a second
day. Gasoline gained more than crude, widening refinery profit margins.
West Texas
Intermediate futures erased earlier gains as the dollar strengthened
before rallying to settle with an 18-cent gain. The gasoline crack
spread, a measure of the profit from processing a barrel of oil into the
fuel, advanced to above $9 a barrel after sinking to $6.54 in intraday
trading Tuesday.
Oil failed to sustain a
gain above $50 a barrel earlier this month amid signs the market
surplus will persist. U.S. inventories remain more than 100 million
barrels above the five-year seasonal average as the country’s refinery
utilization rate hovers near the lowest since January. The Organization
of Petroleum Exporting Countries continues to pump above its quota while
Iran prepares to ramp up output once sanctions end.
WTI for December
delivery gained 18 cents to settle at $45.38 a barrel on the New York
Mercantile Exchange. The volume of all futures traded was 27 percent
below the 100-day average.
Brent for December
settlement increased 23 cents to $48.08 at 2:42 p.m. New York time on
the London-based ICE Futures Europe exchange. The European benchmark
traded at a premium of $2.70 to WTI.
Source: Bloomberg
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