West Texas Intermediate crude rebounded after the biggest drop in two months as fewer Americans than projected filed applications for unemployment benefits last week. Brent advanced.
Diesel futures sank to a three-week low as supplies of distillate fuels rose for a second consecutive week after imports to the U.S. East Coast increased to the highest in four years.
West Texas Intermediate crude surged to a five-month high as Brent advanced amid escalating tension between Ukraine and Russia, the world’s biggest energy exporter.
Diesel futures jumped along with crude and European gasoil as Russia became embroiled in a standoff with the U.S. and Europe over its strengthening military presence in the Ukraine.
Diesel futures advanced after a report that U.S. stockpiles of distillates fell last week amid strong demand for heating oil.
West Texas Intermediate crude rose for a second time this week, narrowing its discount to Brent, as inventories dropped at Cushing, Oklahoma.
West Texas Intermediate crude rose for the first time in three days on speculation that inventories at Cushing, Oklahoma, fell last week. The price of Brent gained.
West Texas Intermediate crude surged above $102, the highest level in four months, on speculation that inventories in Cushing, Oklahoma, decreased last week and as cold weather in the U.S. boosted fuel demand.
Hedge funds became the most bullish on U.S. crude oil in more than five months as a new pipeline from Oklahoma to Gulf Coast refineries eased a supply bottleneck, driving prices above $100 a barrel.
West Texas Intermediate crude settled above $100 for a fourth day this week on better-than- expected U.S. consumer confidence.
"The U.S. economic data is generally good and it helps the oil market."
- Phil Flynn on Mar 06, 2014