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Oil rose
West Texas
Intermediate crude rose after TransCanada Corp. said it expects to finish
construction and begin commissioning the southern portion of its Keystone
pipeline expansion by end of October.
The spread
between WTI and Brent oil, the European benchmark, narrowed on speculation that
completion of the link will help reduce stockpiles at
WTI crude
for November delivery rose $1.49, or 1.5 percent, to $103.53 a barrel at 11:31
a.m. on the New York Mercantile Exchange. The contract slid 0.3 percent to
settle at $102.04 yesterday, the lowest close since July 3. The volume of all
futures traded was 61 percent above the 100-day average.
Brent oil
for November settlement gained 94 cents, or 0.9 percent, to $108.88 a barrel on
the London-based ICE Futures Europe exchange. Volume was 3.3 percent lower than
the 100-day average. The European benchmark traded at a $5.35 premium to WTI,
down from $5.90 yesterday.
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