Mars crude grades eased for a second straight session on Friday, dealers said, after touching its highest price in five months earlier in the week thanks to strong refining demand.
Mars traded at a 10-cent premium to U.S. crude futures. It had traded at a premium of about 50 cents on Wednesday, the highest since July.
Refineries have stepped up processing as they return from fall maintenance, and utilization rates rose by 2.8 percentage points to 93.3% last week, according to data from the Energy Information Administration.
Meanwhile, energy services firm Baker Hughes BKR.O said oil rigs, an early indicator of future output, rose five to 482 this week, their highest since mid-October.
Morgan Stanley and HSBC revised down their expectations for an oil market surplus next year and forecast a Brent price of $70 per barrel, following a decision by OPEC+ to delay and slow plans for higher output.
Light Louisiana Sweet WTC-LLS for January delivery firmed to a midpoint of a $2.60 premium and was seen bid and offered between a $2.40 and $2.80 a barrel premium to U.S. crude futures CLc1
Mars Sour WTC-MRS eased 25 cents to a midpoint of a 25-cent premium and was seen bid and offered between parity and 50-cent a barrel premium to U.S. crude futures CLc1
WTI Midland WTC-WTM strengthened 5 cents to a midpoint of a 95-cent premium and was seen bid and offered between a 70-cent and $1.20 a barrel premium to U.S. crude futures CLc1
West Texas Sour WTC-WTS gained to a midpoint of a 30-cent discount and was seen bid and offered between a 45-cent and 15-cent a barrel discount to U.S. crude futures CLc1
WTI at East Houston WTC-MEH, also known as MEH, traded between a $1.30 and $1.60 a barrel premium to U.S. crude futures CLc1
ICE Brent February futures LCOc1 fell 22 cents to settle at $72.09 a barrel on Thursday.
WTI January crude CLc1 futures fell 24 cents to settle at $68.30a barrel on Thursday.
The Brent/WTI spread WTCLc1-LCOc1 narrowed 1 cent to last trade at minus $4.11, after hitting a high of minus $4.06 and a low of minus $4.15.
Source: Reuters (Reporting by Arathy Somasekhar in Houston; editing by Daniel Wallis)