West Texas Intermediate crude rose for the first time in three days amid signs the Obama administration is easing restrictions on the export of ultra-light U.S. oil. Brent in London fell.
Futures gained as much as 1.4 percent in New York. The Commerce Department has granted Pioneer Natural Resources Co.’s request to classify stabilized condensates as petroleum products that are eligible for export, the company said. That widens the definition of what kinds of oil can be shipped abroad, said Robert Dillon, a spokesman for the U.S. Senate Energy and Natural Resources Committee.
“The volatility that we’ve seen today reflects the U.S. export news,” Ric Spooner, a chief strategist at CMC Markets in Sydney, said by phone. “There are certainly a lot of inexorable economic forces that suggest the U.S. is going to relax the export ban in the long-term.”