US WTI for Dec delivery is holding up well after yesterday’s rally, as it’s North Sea counterpart eases back .
Dec Brent crude is down around $1.5 from earlier highs around $111.75, with the US up over a $1 , but off recent highs of $93.90
Ongoing switching out of Brent into WTI has been seen following last week’s death of Libya’s Col Gaddafi, on a future resumption of Libyan oil production. The Brent premium over its US partner has narrowed again this morning to almost $17.
This afternoon sees the release of the weekly inventory data from the EIA which is expected to show a build of around 1.5 million barrels. Last night’s API report came in with a 2.7 million build , so traders will be looking closely at the more accurate EIA data for confirmation today.
WTI is at 93.55 with Brent at 110.85
