West Texas Intermediate fell to the lowest in more than three months as crude stockpiles rose in the U.S., the world’s biggest oil consumer. The grade’s discount to North Sea Brent was its biggest in six months.
West Texas Intermediate fell a third day after President Barack Obama said he’ll seek approval from Congress before taking military action in Syria, easing concern that an imminent strike may disrupt Middle East oil exports.
Brent crude declined for a second day as Libya reopened a terminal closed by protests, while Iranian President Hassan Rohani pledged in his inaugural speech to shun extremism and take a moderate approach.
West Texas Intermediate crude climbed from the lowest price in more than a week as a U.S. Senate committee approved military strikes on Syria, heightening the threat of a wider conflict in the Middle East.
West Texas Intermediate fell for a second day as U.K. lawmakers rejected a motion for military action against Syria, reducing the prospect of an imminent strike and easing concern of disruption to Middle East exports.