The Organization of Petroleum Exporting Countries will increase crude shipments through late December as refiners boost purchases to meet winter heating demand, according to tanker tracker Oil Movements.
The spread between West Texas Intermediate and Brent narrowed to the lowest intraday level in 10 days after crude inventories shrank for the first time in 11 weeks in the U.S., the world’s biggest oil consumer.
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.
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.”