West Texas Intermediate crude rose to a one-month high after supplies fell at Cushing, Oklahoma, the delivery point for the contract. Brent oil’s premium to WTI shrank below $8 for the first time since January 2011.
The Iraqi government will pay foreign oil companies producing in the country’s northern Kurdish region under a deal reached to resume crude exports from the area, Oil Ministry spokesman Asim Jihad said.
One crude unit that was in maintenance at Iraq’s biggest refinery will restart ahead of schedule to compensate output lost in a sabotage attack two days ago, said Asim Jihad , a spokesman for the Oil Ministry.
Iraq, which is seeking to boost crude exports to rebuild its economy, said oil shipments climbed 3.7 percent in December to 66.5 million barrels, generating the highest revenue in four months, $7.06 billion.