Oil heads for weekly gain
West Texas Intermediate crude was poised for a second weekly decline, while Brent headed for a loss, narrowing the discount between the two benchmarks. WTI gained as much as 0.4 percent in New York and is headed for a 1.4 percent increase this week. OPEC will boost daily crude exports by 300,000 barrels to 23.75 million in the four weeks to March 30 as refineries in Europe and the U.S. resume after maintenance, according to Oil Movements, a tanker tracker. The spread between WTI and Brent is set for the biggest weekly drop in 11 months.
"It makes sense that the spread between Brent and WTI will narrow further," said Hannes Loacker, an analyst at Raiffeisen Bank International AG (RBI) in Vienna, who predicts the difference will shrink to $12 a barrel by the end of the year. Futures for April delivery rose as much as 34 cents to $93.37 a barrel in electronic trading on NY Mercantile Exchange and was at $93.12.