West Texas Intermediate dropped for a third day, trading near a four-month low, as U.S. crude stockpiles gained for a sixth week and speculation mounted that the Federal Reserve may reduce financial stimulus.
West Texas Intermediate crude fell for the first time in four days as the International Energy Agency trimmed forecasts for global oil demand. Brent’s premium to WTI shrank to the smallest level in 14 months.
U.S. stocks extended a weekly gain, while oil and gold helped lead commodities lower, amid talks on a plan for Syria to surrender chemical weapons as investors weighed prospects for the Federal Reserve to cut stimulus.
West Texas Intermediate crude capped its biggest weekly drop since July as the U.S. and Russia held talks on a plan for Syria to surrender chemical weapons to avert a strike that could stoke Middle East tensions.