Brent crude fell for the first time in three days on speculation that Libyan oil exports will increase next week. West Texas Intermediate’s discount to Brent shrank to the least in almost seven months.
Libyan rebels seeking self-rule for the east of the country are standing by a demand that they get a share of crude export revenue before they hand over Es Sider and Ras Lanuf, the two oil ports still under their control, according to a mediator in talks with the government.
West Texas Intermediate crude rebounded amid speculation that gasoline supplies dropped for a seventh week in the U.S., the world’s biggest oil consumer. Brent rose in London on renewed tensions between the West and Russia over Ukraine.
Libyan rebels surrendered control of two oil ports to the government, potentially enabling the OPEC member to triple crude exports this month with an increase of at least 180,000 barrels a day. Brent futures dropped.