The collapse in the price difference between the world’s two most-traded crude oil grades is fulfilling a prediction Goldman Sachs Group Inc. has held for more than a year. Bank of America Corp. says it won’t last.
Secretary of State John Kerry sought to discourage lawmakers from pressuring China for further cuts in oil imports from Iran as a condition for renewing its waiver from U.S. economic sanctions on the Islamic Republic.
Brent crude fell for the first time in four days as euro-area services and manufacturing output contracted for a 15th month in April. Goldman Sachs Group Inc. cut its 2013 Brent forecast by $5 a barrel to $105.
At a time when U.S. equities are trading near a record and the dollar is having its best start in three years, commodities will finish this quarter little changed from where they were at the end of 2012.