West Texas Intermediate crude pared gains amid speculation that an Obama administration ruling on U.S. fuel exports would have limited impact on global markets. Brent’s premium narrowed as Iraq pledged to increase exports. WTI was traded 0.4 percent higher in New York, trimming an earlier advance of as much as 1.4%. Brent declined 0.7% in London, narrowing its spread against WTI to the least in a week. The Commerce Department granted Pioneer Natural Resources Co.’s request to classify stabilized condensates as petroleum products eligible for export, the company said. Oil production in Iraq remained unaffected as the government promised higher crude exports in July. Crude stockpiles reached 399.4 million barrels in April, the highest level since the EIA started publishing weekly data in 1982. Inventories probably fell by 1.7 million barrels.
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