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.”
PetroChina Co. will buy Petroleo Brasileiro SA’s Peruvian assets for $2.6 billion, as the nation’s biggest energy company signaled business as usual following a government graft probe launched in August.
China’s state-owned companies, coddled by cheap credit and sheltered monopolies for years, face a less comfortable future after Communist Party leaders pledged to give market forces a bigger role in the economy.