WTI Oil Rises to Five-Week High on Consumer Sentiment
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West Texas Intermediate crude climbed to a five-week high as U.S. consumer confidence rose in April while gasoline demand grew. Brent’s premium to WTI shrank.
WTI’s weekly advance was the biggest this year. The Thomson Reuters/University of Michigan preliminary index of sentiment climbed to 82.6, the highest level since July. Gasoline demand averaged over four weeks jumped to the most in three months April 4, the Energy Information Administration said yesterday. Prices reduced gains as U.S. equities dropped. The Brent-WTI gap contracted as Libya was poised to boost oil shipments.