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Market Chatter: WTI Oil Falls First Time in Six Days as Exxon Shuts Line
By: MT Newswires
"West Texas Intermediate oil fell for the first time in six days, widening its discount to Brent, on speculation that the closure of an Exxon Mobil pipeline will increase U.S. inventories," Bloomberg reported.
It said: "WTI slid as much as 1.3% as Exxon shut the Pegasus pipeline, which moves oil from Illinois to the U.S. Gulf Coast, March 29 after heavy Canadian crude leaked in Arkansas."
"WTI for May delivery slipped $1.19, or 1.2%, to $96.05 a barrel on the New York Mercantile Exchange. The contract rose to $97.23 on March 28, the highest settlement since Feb. 14, capping a five-day rally that was the longest since Dec. 20. The market was closed March 29 for Good Friday. Brent for May settlement dropped 21 cents to $109.81 a barrel on the London-based ICE Futures Europe exchange."