West Texas Intermediate crude fell as rising U.S. inventories overcame optimism that Janet Yellen will maintain Federal Reserve stimulus efforts. WTI’s discount to Brent grew to the steepest since March.
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.
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.
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.