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Oil in New York declined as investors widened the discount to Brent futures on speculation that the reversal of the Seaway pipeline won’t be enough to handle a glut in the U.S. Midwest.
West Texas Intermediate oil, the benchmark on the New York Mercantile Exchange, erased earlier gains as Brent rose. Brent’s premium to WTI narrowed to an eight-month low of $9.28 on Nov. 16 after Enbridge Inc. (ENB) and Enterprise Products Partners LP (EPD) said they will reverse the direction of the Seaway pipeline.
Crude for December delivery slid to $96.64 a barrel on the New York Mercantile Exchange. The December contract expires today. The more actively traded January contract fell 84 cents to $98.09.
Brent oil for January settlement advanced 13 cents to $108.35 a barrel on the London-based ICE Futures Europe exchange.
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