Historically, the two benchmarks trade closely together but US oil values have declined since 2010 in comparison with its overseas counterpart.
 
Estimates of US crude use amid signs of a European economic recovery have boosted prices to the highest levels in four months.
 
Stockpiles are expected to have gained 1.4 million barrels after losing 11.1 million barrels during the week ended December 28.
 
The higher capacity of the Seaway Pipeline, a joint venture between Enterprise Products Partners LP and Enbridge Inc., may reduce a glut in the Midwest and reduce imports to the Gulf Coast, the location of about half of the nation’s refineries.
 
The American Petroleum Institute (API) will release its latest inventory report—a voluntary survey of refinery operators, bulk terminals, and pipelines—on Tuesday, January 8.

 

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