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 advanced after economic growth accelerated in China, the world’s largest oil-importing country, and on speculation the U.S. will maintain economic stimulus.
West Texas Intermediate crude fell to the lowest level in almost six months on rising U.S. stockpiles and production. The spread between WTI and Brent widened to an eight-month high.
Oil fell after the U.S. Energy Department reported that crude inventories surged to the highest level in more than 21 years and production and imports climbed.