Continental Europe will probably be warmer than average for a third month in February as the milder counterpart of the polar vortex that gripped North America helps to extend a decline in power and gas prices.
Iran is exaggerating its crude oil export figures and won’t be allowed to sell more than 1 million barrels a day over the next six months, U.S. officials involved in managing sanctions against the country said.
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.
Oil fell to the lowest in eight months in New York, set for the biggest weekly decline since May, on speculation fuel demand will falter as U.S. economic growth stumbles and Europe’s debt crisis worsens.