West Texas Intermediate crude fell to a three-week low and Brent decreased after Chinese exports unexpectedly sank, bolstering concern that economic growth in the world’s second-biggest oil consuming nation will slow.
West Texas Intermediate and Brent crudes fell for the first time in three days after exports from China unexpectedly shrank, stoking speculation the world’s second-largest oil consumer may miss economic growth targets.
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.