OPEC crude output rose for the first time in six months as rising Libyan production outpaced a cut by Saudi Arabia, which has implemented a program aimed at curbing excess supply and supporting prices, a Bloomberg survey showed.
Light Louisiana Sweet and other Gulf Coast crudes traded lower against domestic benchmark West Texas Intermediate after Brent crude weakened versus WTI and tanks were filled for a new pipeline to the Houston area.
Sour crudes produced in the Gulf of Mexico weakened against U.S. benchmark West Texas Intermediate as operators readied a pipeline to the coast and flows increased from the oil hub at Cushing, Oklahoma.
A long-awaited environmental assessment of TransCanada Corp.’s Keystone XL pipeline cheered oil executives who see it as a signal the Obama administration will approve a project that has come to be viewed as a fight between jobs and the environment.
West Texas Intermediate crude rose after U.S. employers added more jobs than planned, signaling climbing fuel demand, while Brent oil fell to the lowest level of 2013 on increasing flows in a North Sea pipeline.