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Oil fell
West Texas
Intermediate crude narrowed its discount to Brent to the least in more than two
months after a pipeline carrying oil out of
The spread
between WTI and Brent shrank to $9.49, the smallest gap since Nov. 8. The
southern leg of the Keystone XL pipeline is initially transporting 288,000
barrels of light, sweet crude a day from the hub to
WTI for
March delivery fell 36 cents, or 0.4 percent, to $96.96 a barrel at 10:26 a.m.
on the New York Mercantile Exchange. It settled at $97.32 yesterday, the
highest close this year. The volume of all contracts traded was 2.8 percent
below the 100-day average. Prices are up 2.7 percent this week.
Brent for March settlement fell 79 cents, or 0.7 percent, to $106.79 a barrel on the ICE exchange. Volume was 9.5 percent above the 100-day average. The grade has advanced 0.3 percent this week. Brent’s premium to WTI was at $9.83 a barrel.
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