Oil traders are boosting shipments of Mediterranean and West African crude to the U.S. East Coast as the narrowest gap in more than a year between U.S. and international prices makes imports more affordable. Traders booked cargoes from Turkey and West Africa on Oct. 6 for delivery to the U.S. Atlantic Coast. There were three crude fixtures from Europe and Africa to the East Coast over the four weeks prior to that day, according to shipping data compiled by Bloomberg. The shipments are coming as the discount for U.S. West Texas Intermediate crude versus Brent, Europe’s benchmark grade, averages $3.04 a barrel this month. That would be the smallest monthly spread since July 2013. The U.S. has reduced waterborne imports by 47 percent since 2005 as it raises domestic production to the highest level since 1970 and improves its ability to transport oil by rail. “The arb is open […]