Crude oil rises $1 a barrel towards $104

Tue Apr 17, 2012 2:09pm EDT
 
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LONDON (Reuters) - Crude rose $1 a barrel on Tuesday, narrowing further its discount to European benchmark Brent in response to news of a major pipeline reversal that is expected to ease a supply glut in the Midwest.

Crude oil was up $1 a barrel at $103.93 as of 8:13 a.m. EDT (1213 GMT).

(Reporting by Julia Payne and Alex Lawler)

 
A gas pump is seen hanging from the ceiling at a petrol station in Seoul June 27, 2011. REUTERS/Jo Yong-Hak