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Market Chatter: WTI Narrows Brent Discount to Lowest Level in Five Weeks

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"West Texas Intermediate advanced, narrowing its discount to Brent crude to the lowest level in five weeks, as the euro trimmed losses against the dollar and OPEC increased production," Bloomberg reported.

It said: "WTI gained for a fourth day as the euro stayed above $1.30. Brent's premium to WTI narrowed for a fifth day, dropping to less than $18 a barrel from more than $23 last month. OPEC boosted its crude production to the highest level in three months in February.

"WTI for April delivery gained $1.01, or 1.1%, to $93.07 a barrel on the New York Mercantile Exchange. Prices are up 1.4% this year. Brent for April settlement advanced 47 cents, or 0.4%, to $110.69 a barrel on the London-based ICE Futures Europe exchange."

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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