West Texas Intermediate advanced for a fourth day, the longest rising streak since August, as TransCanada Corp. will start part of its Keystone XL pipeline next month and U.S. crude inventories fell. The spread between WTI and Brent shrank to a nine-day low.
Prince Alwaleed bin Talal, the billionaire owner of stakes in Citigroup Inc. and Time Warner Inc., has written publicly to Saudi Arabian Oil Minister Ali Al- Naimi, questioning the kingdom’s energy policies.
Oil ministers from OPEC’s three biggest members rejected the possibility of a glut in global crude supply next year amid an increase in U.S. output and efforts by Iran and Libya to add barrels to the market.
Energy ministers from Iraq, Kuwait, Angola and Algeria expect OPEC to keep its crude production target unchanged tomorrow after Saudi Arabian Oil Minister Ali al-Naimi said the market is “in equilibrium.”