Brent oil rebounded from the lowest level in three months, widening its premium to West Texas Intermediate crude for the first time in four days.
Brent futures rose as much as 0.4 percent after sliding 1.9 percent yesterday, the biggest decline since November. WTI was little changed near a one-week low. Brent’s premium fell to the narrowest in almost eight months yesterday after Cyprus rejected a bank levy linked to a bailout, sparking concern Europe’s debt crisis will worsen. U.S. crude stockpiles slid by 413,000 barrels last week, according to the American Petroleum Institute. A government report today is forecast to show inventories increased for a ninth week.
“Some people are betting that we’ve got a low point here and are getting back into the market,” said Victor Shum, the managing director of IHS Consulting in Singapore. “I still expect some volatility, but what’s stopping a further slide is that enough people in the market believe that the Cyprus situation will get resolved.”
Read all : http://www.bloomberg.com/news/2013-03-19/wti-oil-trades-near-one-week-low-u-s-crude-stockpiles-decline.html
