West Texas Intermediate crude rose amid clashes in Nigeria after talks between Iran and world powers ended without agreement. Brent oil’s premium to New York futures narrowed to the smallest level since June.
West Texas Intermediate oil rose for a fourth day as the dollar weakened against the euro. A report today may show U.S. crude stockpiles climbed to an eight- month high. Chinese refining fell to the lowest in four months.
Oil advanced to the highest level in more than a week in New York amid concern that Middle East unrest will disrupt supply and speculation the U.S. will avert automatic spending cuts and tax rises that threaten to throw the nation into recession.