Oil Rises To Six Week High on Lower Inventory Projections

West Texas Intermediate crude rose to a six-week high on projections of a second consecutive drop in U.S. inventories. The spread between WTI and Brent oil from the North Sea shrank to the narrowest in a month.

Futures climbed as much as 1.4 percent in New York. An Energy Information Administration report tomorrow will probably show crude supplies slipped by 3 million barrels last week, according to the median of nine analyst responses in a Bloomberg survey. The Brent-WTI spread has tightened by more than $8 since Nov. 27. A Libyan security official said today that three oil ports will reopen Dec. 15.

via Bloomberg

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza