U.S. crude oil grades largely firmed on Friday, dealers said, as West Texas Intermediate crude futures’ discount to Brent widened to over $4 a barrel.

WTI Midland gained 10 cents, while WTI at East Houston, also known as MEH, firmed 5 cents.

West Texas Intermediate crude futures’ discount to Brent widened to as much as $4.07 a barrel. A discount over $4 typically spurs export demand.

Eight members of the Organization of the Petroleum Exporting Countries and allies like Russia in OPEC+ will consider further increases to production in October at a meeting on Sunday, two sources familiar with the discussions told Reuters.

Meanwhile, Baker Hughes said oil rigs rose by two to 414 this week.

U.S. oil refiners are expected to have about 431,000 barrels per day (bpd) of capacity offline in the week ending September 5, decreasing available refining capacity by 113,000 bpd, research company IIR Energy said on Friday.

Light Louisiana Sweet for October delivery firmed 5 cents to a midpoint of a $2.20 premium and was seen bid and offered between a $2.00 and $2.40 a barrel premium to U.S. crude futures.

Mars Sour eased 20 cents to a midpoint of a 10-cent premium and was seen bid and offered between a discount of 10 cents and 30-cent a barrel premium to U.S. crude futures.

WTI Midland firmed 15 cents to a midpoint of a $1.15 premium and was seen bid and offered between a 95-cent and $1.35 a barrel premium to U.S. crude futures.

West Texas Sour firmed 50 cents to a midpoint of a 30-cent premium and was seen bid and offered between a 15-cent and 45-cent a barrel premium to U.S. crude futures.

WTI at East Houston, also known as MEH, traded between a $1.20 and $1.60 a barrel premium to U.S. crude futures.

ICE Brent November futures fell $1.49 to settle at $65.50 a barrel.

WTI October crude futures fell $1.61 to settle at $61.87 a barrel.

The Brent/WTI spread widened 11 cents to last trade at minus $4.07, after hitting a high of minus $3.92 and a low of minus $4.07.
Source: Reuters