Brent slips, US crude pushes higher

Oil price: US values push upward

AP/Scanpix

related stories

Kathrine Schmidt

 12 March 2013 22:39 GMT

Brent crude prices fell a third straight session in choppy trading on Tuesday, while US oil posted a fourth consecutive gain, tightening the spread between the two contracts to the narrowest since January.

Brent's premium to US crude dropped as low as $16.84 a barrel, as the US crude contract rallied after running into firm support the previous two sessions at just above $90.80, which was near the 100-day moving average, Reuters reported.

"The narrowing (Brent-US crude) spread prompted some more aggressive selling of the spread," Mark Waggoner, president at Excel Futures Inc in Portland, told the news wire.

Brent briefly dipped 2 cents below its own 200-day moving average of $109.32 a barrel and seesawed with the euro and dollar.

The Brent/US crude spread is narrowing…

Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?

Login

Upstream share price index