Brent crude headed for its first weekly advance this month amid speculation that escalating tension in Ukraine may disrupt supplies from Russia, the world’s biggest energy exporter. West Texas Intermediate was set for a second weekly gain after Cushing stockpiles fell.
West Texas Intermediate crude declined from its highest closing level in seven weeks on estimates that U.S. supplies rose last week. Brent slipped as U.S. Vice President Joe Biden met with Ukrainian leaders.
Silver may surge to as much as $23 an ounce next year, the highest price since 1980, as investors seek a cheap alternative to gold and a global economic recovery boosts industrial demand, according to Commerzbank AG.