WTI Crude at 4-Day High; Brent Firm

by on July 17, 2014 9:45 am BST

WTI Crude Oil at four-day high after The stockpiles (U.S. crude) slipped as refiners in the world’s biggest oil consumer boosted processing to the highest level since 2005.

WTI for August delivery rose as much as $1.00 to $102.20 a barrel in electronic trading on the New York Mercantile Exchange and was at $102.03 at 9:08 a.m. London time. The contract increased $1.24 to $101.20 yesterday, the biggest gain since June 12. Prices have advanced 3.6 percent this year.

Brent for September settlement was 24 cents higher at $107.41 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude traded at a premium of $6.10 to WTI for the same month. The August contract decreased 17 cents to $105.85 when it expired yesterday.

Brent was firm in London as tougher sanctions on Russia were seen having limited market impact.