West Texas Intermediate oil fell the most this month on forecasts that U.S. supplies rose last week and as the euro weakened against the dollar. Brent’s premium to the U.S. benchmark widened on tension in Ukraine and Libya.
West Texas Intermediate crude climbed a second day ahead of talks between the U.S. and Russia to resolve the crisis in Syria, a conflict that’s bolstered concern that Middle Eastern oil supplies may be disrupted.
Oil dropped for the first time in six days after Italian bond yields surged to euro-era records and a German newspaper reported that Chancellor Angela Merkel’s party wants to enable countries to exit the common currency.
West Texas Intermediate was little changed after an Energy Information Administration report showed that U.S. inventories climbed to a seasonal high. WTI’s discount to Brent narrowed to the lowest level in six weeks.