U.S. crude oil rose more than $1 on Thursday, while Brent crude rose less and its premium over U.S. crude narrowed by more than $1 in a lightly traded session.
This week has seen volatile spread trading in the oil market, with U.S. crude's discount widening from less than $3 to above $6, then narrowing again to finish Thursday under $5.
In recent weeks, political tensions in the Middle East and North Africa have bolstered Brent's price, but reports of some Libyan ports readying for exports eased supply concerns.
"If Libyan production comes back on line, that's going to drive the spread more narrow. But if Libya's back online, and there's still geopolitical risk, that's a tug of war," said Rich Ilczyszyn, founder of iitrader.com in Chicago, Illinois.Maybe later, I'll be brave enough to write what made me choose to post this video....
Adults only: strong, inappropriate language; you've been warned --