Brent crude fell for the first time in three days on speculation that Libyan oil exports will increase next week. West Texas Intermediate’s discount to Brent shrank to the least in almost seven months.
West Texas Intermediate crude climbed to a one-month high as a government report showed that rising gasoline use reduced inventories of the fuel. WTI’s discount to Brent shrank to the narrowest since September.
West Texas Intermediate oil rose to a six-week high after the close of floor trading on an industry report that showed inventories at Cushing, Oklahoma, the delivery point for the contract, tumbled last week.