European crude futures dipped Friday although the price gap with U.S. WTI narrowed, with few upward price signals for Brent and plenty of demand for U.S. products as the cold weather continues. The spread, or price difference, between WTI and Brent has closed in to the narrowest point since early November, as a North American cold snap supports demand for oil products and drives up the price of the raw material used by refiners. Brent crude for March delivery fell as much as 131 cents, or 1.2%, at $106.26 a barrel on ICE Futures Europe. U.S. crude-oil futures were down 63 cents, or 0.6%, at $96.4 a barrel on the New York Mercantile Exchange. In Thursday’s Energy Information Administration report, distillates stocks decreased by more than expected, by 3.2 million barrels. BNP Paribas, in a note to clients, said stocks remain “below the bottom of the five year range.” […]