West Texas Intermediate crude fell for a second day, trimming a monthly advance amid speculation demand may slow in the U.S., the world’s biggest oil consumer, as refineries enter the spring maintenance season.
West Texas Intermediate crude headed for a sixth weekly gain as freezing weather in the U.S. bolstered demand for heating fuels in the world’s biggest oil consumer. Brent is also poised to advance for the week.
Raw sugar fell in New York as an export subsidy approved by India, the world’s second-biggest producer, may push more sweetener onto the world market and damp imports by the nation’s refineries. Cocoa retreated.
Brent crude’s premium to West Texas Intermediate narrowed to near a four-month low on concern slowing emerging market growth will sap global demand while U.S. prices are buoyed by cold weather and the start of a pipeline.
Hariga, the biggest oil terminal in east Libya run by the central government, can’t export because gunmen nearby pose a threat to tankers, the port’s inspection and measurement coordinator said. Curbs on the sales helped lift crude prices to a six-month high last year.