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- Oil erased losses
Oil erased losses
West Texas
Intermediate crude erased losses after measures of leading indicators raised
optimism that a stronger
Prices were
little changed after falling as much as 0.8 percent. The Conference Board’s
gauge of the outlook for the next three to six months climbed 0.5 percent last
month, the biggest gain since November. WTI followed gains in
“The market
is very data dependent,” said Phil Flynn, senior market analyst at the Price
Futures Group in
WTI futures
for April delivery, which expires today, climbed 12 cents to $100.49 a barrel
at 10:17 a.m. on the New York Mercantile Exchange. The more-active May contract
rose 22 cents to $99.39. The volume of all futures traded was about 18 percent
below the 100-day average for the time of day.
Brent for
May settlement increased 28 cents, or 0.3 percent, to $106.13 a barrel on the
London-based ICE Futures Europe exchange. The European benchmark was at a
premium of $6.74 to WTI for the same month on ICE. The spread narrowed for a
third day yesterday to close at $6.68, the smallest gap since March 7.
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