West Texas Intermediate crude was little changed near a five-week low after giving up an earlier gain of 0.6 percent. Brent fell.
WTI for April delivery rose 5 cents to $98.04 a barrel at 12:33 p.m. on the New York Mercantile Exchange. The price ranged from $97.67 to $98.60. Yesterday’s settlement was the lowest since Feb. 6. The volume of all futures traded was 25 percent above the 100-day average.
Brent for April settlement slipped 71 cents, or 0.7 percent, to $107.31 a barrel on the London-based ICE Futures Europe exchange. Volume was 7 percent below the 100-day average. The European crude traded at a premium of $9.27 to WTI. The spread ended at $10.03 yesterday, the widest close in six weeks.