West Texas Intermediate headed for a second weekly gain amid shrinking stockpiles at the U.S. oil storage hub in Cushing, Oklahoma. Brent was also poised for a weekly increase as Libyan supply disruptions continued.
The Organization of Petroleum Exporting Countries will cut crude exports to the lowest level in two months as refiners around the world conduct seasonal maintenance, according to tanker-tracker Oil Movements.
The Organization of Petroleum Exporting Countries will cut crude exports this month to the lowest level since November as refinery demand slows in Europe and North America, according to tanker-tracker Oil Movements.
West Texas Intermediate crude rebounded from a one-month low, narrowing its discount to Brent, as better-than-expected U.S. economic reports raised expectations that fuel demand will be stronger. Brent dropped.