West Texas Intermediate fell to a five-month low and the discount to Brent widened after comments by Federal Reserve Bank of New York President William C. Dudley added to speculation that the central bank will reduce stimulus.
West Texas Intermediate crude fell as rising U.S. inventories overcame optimism that Janet Yellen will maintain Federal Reserve stimulus efforts. WTI’s discount to Brent grew to the steepest since March.
Natural gas futures climbed for a sixth day in New York, capping the longest bullish streak in more than a year, as meteorologists predicted colder-than-normal weather that would stoke heating-fuel demand.
Crude advanced after Iran and six world powers concluded a meeting in Geneva without coming to an agreement on the nation’s nuclear program, tempering projections of a resolution to the dispute that has cut Iranian oil exports.