WTI for March delivery increased 40 cents, or 0.4 percent, to $97.13 a barrel this morning. on the New York Mercantile Exchange. Futures touched $97.37, the highest level since Jan. 2. The volume of all futures traded was 32 percent above the 100-day average.
Brent for March settlement dropped 34 cents, or 0.3 percent, to $107.93 a barrel on the London-based ICE Futures Europe exchange. Volume was 60 percent higher than the 100-day average. The premium of Brent to WTI narrowed to as little as $10.60, its narrowest since Dec. 18.
The American Petroleum Institute reported yesterday that distillate supplies fell 2.29 million barrels last week as crude inventories increased 4.86 million.