Brent crude climbed to a three-week high as Syria threatened retaliation against Israel for an air strike. The European benchmark grade’s premium to West Texas Intermediate oil widened from a 16-month low.
West Texas Intermediate crude gained the most in almost six months as the number of Americans filing applications for unemployment benefits slipped and the European Central Bank reduced interest rates to a record low.
West Texas Intermediate crude rose to the highest level in more than two weeks as the Standard & Poor’s 500 Index approached a record on optimism that central banks will maintain economic stimulus to bolster growth.
West Texas Intermediate crude capped the longest rally in nine months as fewer Americans filed first-time claims for unemployment insurance payments last week and the market breached key technical resistance.