Tight gasoline markets,supported by strong US demand and growing tension between the US and Russia over Ukraine,forced oil prices higher this week. Atlantic basin benchmark North Sea Dated rose by $2.26/bl to$107.01/bl,while US crude marker WTI rose by $3.11/bl to$103.40/bl.The spread between the two is at its narrowest since August last year.New pipelines to the US Gulf of Mexico from west Texas and Cushing continue to drain the crude overhang in the midcontinent,supporting the price of WTI.Reduced Asia-Pacific demand and renewed Libyan exports left large volumes of North Sea crude unsold in northwest Europe,limiting North Sea Dated gains.
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