West Texas Intermediate crude dropped the most in two months and Brent oil decreased after a government report showed that U.S. inventories advanced for a seventh week.
Commodities declined from the highest level in almost six months on speculation that the threat to energy and agricultural supplies from escalating tension in Ukraine’s Crimea region may be exaggerated.
Brent crude fell to the lowest level in two weeks as tension increased in Ukraine, shrinking the global benchmark’s premium to West Texas Intermediate to the narrowest since October.
West Texas Intermediate crude gained for a fifth day, paring the discount to Brent on speculation that inventories in Cushing, Oklahoma, decreased last week and as Libya worked to restore supplies.
West Texas Intermediate crude rose for the first time in three days on speculation that distillate inventories fell last week during cold weather and as U.S. equities advanced.
West Texas Intermediate crude reached a four-week high, gaining with equities on consumer confidence and improvement in the U.S. housing market.
West Texas Intermediate crude rose to a three-week high on speculation that U.S. distillate fuel supplies slid as falling temperatures bolstered heating demand.
West Texas Intermediate crude fell after Iran agreed to curtail its nuclear program starting Jan. 20, easing some sanctions on OPEC’s fifth-biggest oil producer.
West Texas Intermediate crude fell to a six-week low on easing concern that Syria’s conflict will disrupt supplies and on rising production in Nigeria and Libya.
West Texas Intermediate crude advanced for the fourth time in five days as U.S. orders for durable goods climbed more than forecast, raising expectations that stronger growth will spur fuel demand.
"The realization that there's little risk of a disruption of Russian oil shipments to Europe is weighing on the market."
- Addison Armstrong on Mar 05, 2014