New York:
West Texas Intermediate (WTI) crude rose for a sixth day as clashes in Egypt raised concern that Middle East supply will be cut and as some energy companies evacuated non-essential personnel in the Gulf of Mexico ahead of a storm.
The brief outage had no market impact on
West Texas Intermediate cash crude prices in either the oil hub of Cushing, Oklahoma, or Midland, Texas, another delivery point of the crude, traders said.
He said that the
West Texas Intermediate (WTI) does not always give accurate estimations of oil prices.
In adopting ASCI, exporter countries are moving away from pricing their US-bound crude on benchmark
West Texas Intermediate, the light, sweet crude that for decades has been the main marker for US crude markets.
The May contract for
West Texas Intermediate crude ended at
The benchmark May contract for
West Texas Intermediate crude on the New York Mercantile Exchange ended at $109.
The price of
West Texas Intermediate (WTI) crude has increased by nearly $6 a barrel from the end of the first quarter, while North Sea Brent crude has risen by almost $4 a barrel.
Heavy crudes typically sell at a 25% to 35% discount to lighter crudes such as the benchmarks
West Texas Intermediate (WTI) and Brent.
10 pb while the US
West Texas Intermediate (WTI) light crude settled at USD 66.
Summary:
West Texas Intermediate retreated following the biggest rise in a week as crude stockpiles increased in the US, the world's largest oil consumer.
But its chances for success may be better than previous efforts to launch a US sour contract as it responds to sour crude producers and refiners frustrated with the volatility of the long-standing global benchmark Nymex
West Texas Intermediate.
The April contract for
West Texas Intermediate crude ended at
