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WTI Crude Rebounds After Discount to Brent Narrows a Second Day
2014-04-08 08:58:39

Futures advanced as much as 0.3 percent. WTI’s discount to London’s Brent narrowed a second day yesterday as Libyan rebels surrendered control of two oil ports to the government, allowing for an increase in exports. U.S. crude stockpiles probably expanded by 1.4 million barrels last week, according to a Bloomberg News survey before an Energy Information Administration report tomorrow.

WTI for May delivery gained as much as 34 cents to $100.78 a barrel in electronic trading on theNew York Mercantile Exchange and was at $100.75 at 9:01 a.m. Sydney time. The contract slid 0.7 percent to $100.44 yesterday, the most since April 1. The volume of all futures traded was about 86 percent below the 100-day average. Prices are up 2.4 percent this year.

Brent for May settlement fell 90 cents to $105.82 a barrel on the London-based ICE Futures Europe exchange yesterday.

Libya, the holder of Africa’s biggest crude reserves, has become the smallest producer in the 12-member Organization of Petroleum Exporting Countries after protests halted production and shipments. Output shrank to 250,000 barrels a day last month, compared with 1.4 million a year earlier, according to a Bloomberg News survey of producers and analysts.

To contact the reporter on this story: Ben Sharples in Melbourne at bsharples@bloomberg.net

To contact the editors responsible for this story: Pratish Narayanan atpnarayanan9@bloomberg.net Alexander Kwiatkowski, Jake Lloyd-Smith

http://www.bloomberg.com/news/2014-04-07/wti-crude-rebounds-after-discount-to-brent-narrows-a-second-day.html





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