West Texas Intermediate crude capped the biggest weekly advance since July as the U.S. jobless rate dropped to a five-year low, bolstering the outlook for economic growth in the world’s biggest fuel-consuming nation.
TransCanada Corp. told shippers the Gulf Coast portion of its Keystone pipeline won’t be in service before mid-January, three days after it said in a letter to regulators that it anticipated beginning service on Jan. 3.
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.
U.S. stocks fell a third day amid concern an improving economy will cause the Federal Reserve to reduce monetary stimulus, while 10-year Treasuries advanced as the central bank bought debt. The pound climbed to near a two- year high against the dollar and crude oil surged.