WTI Oil Trades Near Three-Week High

West Texas Intermediate crude traded near the highest price in three weeks after applications for unemployment benefits in the U.S. declined, signaling a sustained economic recovery in the world’s biggest oil consumer, Bloomberg reported on November 22.

Futures were little changed in New York and poised for the first weekly gain in almost two months. Jobless claims fell last week to the fewest since Sept. 28, according to Labor Department data yesterday. Iran reached no agreement on the first step of a global accord to resolve a decade-long dispute over its nuclear program. WTI may drop next week as U.S. crude stockpiles increase, a Bloomberg News survey shows.

WTI for January delivery was at $95.23 a barrel in electronic trading on the New York Mercantile Exchange, down 21 cents, at 3:45 p.m. Singapore time. It rose $1.59, or 1.7 percent, to $95.44 yesterday, the highest close for a front-month contract since Oct. 31. Prices are up about 1.5 percent this week.

Brent for January settlement slid 18 cents to $109.90 a barrel on the London-based ICE Futures Europe exchange. It was at a premium of $14.67 to WTI. The spread widened for a second day yesterday to $14.64.

Copyright: Bloomberg, 2013