U.S. crude tumbles, widening Brent's premium to 3-year high | Reuters

U.S. crude tumbles, widening Brent's premium to 3-year high | Reuters:

"U.S. oil fell nearly 2 percent on Thursday, despite a larger-than-expected decline in U.S. crude inventories, while global benchmark Brent was little changed, pushing the spread between the two to its widest in more than three years.

U.S. crude stockpiles fell 3.6 million barrels last week, the Energy Information Administration said, exceeding expectations for a decline of 525,000 barrels. Gasoline and diesel stocks rose, but the crude drawdown was a salve for recent losses in U.S. futures. [EIA/S]

Brent crude losses were more limited, as the prospect that the Organization of the Petroleum Exporting Countries will bring its supply-cut deal to a close by the end of the year has had a greater effect on the U.S. benchmark due to ongoing worries about U.S. infrastructure constraints."



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