West Texas Intermediate advanced for a fourth day, the longest rising streak since August, as TransCanada Corp. will start part of its Keystone XL pipeline next month and U.S. crude inventories fell. The spread between WTI and Brent shrank to a nine-day low.
Robusta coffee gained in London after rallying the most since 2011 yesterday as investors closed out bets on lower prices due to low stockpiles and falling exports from top grower Vietnam. Sugar advanced.
Brent crude gained, extending its premium over West Texas Intermediate to a seven-month high, amid concern that recurring protests in Libya will disrupt the North African nation’s oil exports for an extended period.
Corn futures slumped to the lowest price in more than three years on speculation that a government report this week will show increasing supplies in the U.S., the world’s top grower. Soybeans gained, while wheat fell.
West Texas Intermediate oil retreated from the highest level in 14 months as the ouster of Egypt’s president without widespread violence and continued shipments through the Suez Canal eased concern of a supply disruption.
West Texas Intermediate fell for a second day as U.S. lawmakers negotiate an accord to end a partial government shutdown and increase debt limit, raising concern a potential default may slow growth and sap fuel demand.