U.S. stocks rose a third day, the dollar gained and Treasuries fell the most in two weeks, after data showed U.S. inflation quickened as the Federal Reserve begins a policy meeting. Crude slid from an eight-month high.
Brent crude traded near its lowest closing level in five days on speculation that global supplies are adequate and Russian exports will remain unaffected by turmoil in Ukraine. West Texas Intermediate was steady before inventory data.
Gold futures fell, snapping the longest rally since February, on speculation that the Federal Reserve will further curb U.S. monetary stimulus, damping demand for the precious metal as an alternative investment.
West Texas Intermediate advanced from its lowest settlement in three days after the U.S., the world’s biggest oil consumer, added more jobs than forecast. Brent was steady in London as Libyan production stabilized.
West Texas Intermediate’s discount to Brent traded at its narrowest since October, as cold weather and the start of a new pipeline supported U.S. prices, while slowing Chinese economic growth undermined Brent.