US Cash Crude- Grades rise as domestic crude stocks drop sharply

HOUSTON, Feb 3 (Reuters) - Grades rose on Tuesday, dealers said, after domestic crude stocks plummeted.

Crude stocks fell by 11.08 million barrels in the week ended January 30, market sources said, citing American Petroleum Institute figures on Tuesday.

Gasoline inventories rose by 4.74 million barrels, while distillate inventories fell by 4.81 million barrels from a week earlier, the sources said on condition of anonymity.

The spread between WTI and Brent stayed wide, further supporting prices. The spread was trading as wide as minus $4.57 during the session. A spread larger than minus $4 typically encourages export demand, driving prices higher.

• Light Louisiana Sweet for March delivery rose 3 cents to a midpoint of a $1.38 premium and was seen bid and offered between a $1.25 and $1.50 a barrel premium to U.S. crude futures CLc1

• Mars Sour rose 45 cents to a midpoint of an 85-cent discount and was seen bid and offered between a 95-cent and 75-cent a barrel discount to U.S. crude futures CLc1 ​

• WTI Midland rose 10 cents to a midpoint of a 90-cent premium and was seen bid and offered between an 80-cent and $1 a barrel premium to U.S. crude futures CLc1 ​

• West Texas Sour rose 7 cents to a midpoint of a $2.13 discount and was seen bid and offered between a $2.25 and $2 a barrel discount to U.S. crude futures CLc1

• WTI at East Houston, also known as MEH, traded between a $1.15 and $1.35 a barrel premium to U.S. crude futures CLc1 ​

• ICE Brent April futures LCOc1 rose $1.03 to settle at $67.33 a barrel

• WTI March crude CLc1 futures rose $1.07 to settle at $63.21 a barrel

• The Brent/WTI spread narrowed 6 cents to last trade at minus $4.52, after hitting a high of minus $4.44 and a low of minus $4.57