MARKET WATCH: Market events narrow Brent-WTI spread

The price of Brent crude fell Apr. 16 with apparent progress in negotiations between Iran and the United Nations Security Council. But West Texas Intermediate increased slightly in both the futures and spot markets on news Seaway pipeline will start shipping oil on May 17 from Cushing, Okla., to the US Gulf Coast, 2 weeks sooner than expected.

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