WTI Heads for Weekly Gain as Discount to Brent Shrinks on Libya - Bloomberg:
"West Texas Intermediate headed for a weekly gain amid speculation that U.S. fuel demand will increase as employment recovers. The discount to Brent shrank to the least since September after Libya signaled it’s ready to boost crude exports.
Futures were little changed in New York and up 1.9 percent this week. Fewer Americans filed applications for jobless benefits last week than at any time since before the recession, according to Labor Department data. Brent’s premium to WTI narrowed to $4.06 a barrel yesterday as state-run National Oil Corp. lifted force majeure at its Hariga terminal, which rebels handed over to the Libyan government.
“There are reasonable grounds for an ongoing improvement in the U.S. labor market in the next month or two and that’s good for demand and oil,” said Ric Spooner, a chief strategist at CMC Markets in Sydney who predicts investors may sell West Texas contracts if prices rise to $105.20 a barrel. “The other driving factor for oil is Libya and the negotiations about whether they’re going to restore some of their capacity.”"
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