Brent oil futures open Friday’s session lower near $104 a barrel, pushed lower as supply data from America hits record highs, however the spread between European Brent and US WTI Light crude oil narrows to the closest point since January 2011.
Latest Brent Oil Price
In London, Brent crude oil futures for June 2013 delivery was trading at $104.08 a barrel, 07:39 GMT this morning on the ICE Futures Exchange, or 0.3 percent lower than today’s open. US WTI stood at $95.89 a barrel, hence a current spread of just $8.19.
Brent to WTI Spread
The spread between Brent and US WTI Light crude oil futures narrowed sharply this week, fueled by expectations for increased capacity to funnel rising US crude oil production out of the supply point at Cushing.
Last month, traders speculated that a report showing an increase in oil shipments on a pipeline from Cushing into the Whiting refinery was a sign that new units were set to restart. This was also linked to a narrowing in the Brent to WTI spread.
US Oil Supply Data
US crude oil inventories jumped to a record last week as domestic production continued to climb while oil imports fell, the US Energy Information Administration (EIA) said on Wednesday.
Continued here:
Brent oil price dips back to $104 whilst spread to US Light crude narrows