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Oil Futures Edge Lower at End of Volatile Week

1 Jun 2018 4:40 am

By Biman Mukherji

--Oil futures were down slightly in midday Asian trading Friday, with the U.S. and international benchmark going in the same direction after a period of disconnect.

--July light, sweet crude on the New York Mercantile Exchange was recently down 0.2% at $66.84 a barrel in the Globex trading session. August Brent fell 0.1% to $77.47.

--The spread between the two was as tight as $3 in March. But the now-historically wide gap, which in part speaks of transport bottlenecks in North America. As such, front-month WTI futures have fallen six of the past seven sessions through Thursday, including 1.7% then. But Brent came into Friday's trading on a three-day winning streak. WTI is down 7.2% from last month's latest 3 1/2-year high, versus a 2.8% drop for Brent.

Write to Kevin Kingsbury at kevin.kingsbury@wsj.com

(END) Dow Jones Newswires

June 01, 2018 00:40 ET (04:40 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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