The U.S. ordered an aircraft carrier to head into the Arabian Gulf as President Barack Obama weighs options on how to aid Iraq’s Shiite-led government in its fight against Sunni militants threatening to re-ignite sectarian conflict in OPEC’s second-largest oil producer.
Libya’s Arabian Gulf Oil Co.’s oil production will rise to its normal level of 400,000 barrels a day by the end of next month from 305,000 barrels a day, the state-run National Oil Corp. said on its website.
West Texas Intermediate crude slipped from near its highest closing level in two months and Brent declined for the first time in four days, amid trading volumes that were about half their average level.
Oil fell in New York as investors bet that rising U.S. fuel stockpiles are a signal of waning demand, while supplies from the Middle East and Africa grow. Brent crude in London widened its premium over U.S. futures.