West Texas Intermediate crude swung between gains and losses near the highest price in a week. Syrian government forces started an offensive against rebels, renewing concern that unrest could destabilize the Middle East.
Saudi Arabia, Kuwait, and Venezuela reduced crude oil exports in March from the previous month while West African members of the Organization of Petroleum Exporting Countries increased shipments, according to official data.
Eltel Networks Te AB, a Swedish power-transmission provider, said it will electrify an $8 billion refinery project in Angola as the southwest African country seeks to cut fuel imports following a 27-year civil war.
Angola, Africa’s largest crude oil producer behind Nigeria, plans to sell about 33 state-owned companies over the next five years to increase efficiency and cut costs, Economy Minister Abrahao Gourgel said.