Gasoline fell for a second day in New York on speculation imports of the motor fuel will climb from an 11-month high and production from U.S. refineries increases.
West Texas Intermediate rose for the first time in three days on speculation that inventories decreased at Cushing, Oklahoma. Brent advanced.
West Texas Intermediate crude rose, narrowing its discount to Brent on speculation supplies at Cushing, Oklahoma, fell last week and as the dollar weakened.
Gasoline futures rose as the largest oil refinery in the U.S. carried out maintenance, threatening to curtail supplies.
West Texas Intermediate crude rose the most in two weeks, narrowing its discount to Brent, after Enterprise Products Partners LP said it would more than double the capacity of its Seaway pipeline as early as May.
West Texas Intermediate crude surged to a five-month high as Brent advanced amid escalating tension between Ukraine and Russia, the world’s biggest energy exporter.
U.S. inventories of crude oil rose last week for a third time as refineries reduced their processing, a Bloomberg survey showed.
U.S. crude supplies probably dropped for a fourth week as energy companies pared stockpiles to reduce year-end tax burdens, a Bloomberg survey showed.
West Texas Intermediate crude dropped to the lowest level in almost two weeks after minutes of the Federal Reserve’s July policy meeting signaled a likely reduction in economic stimulus this year.
"The Garyville issue is significant because it's one of the largest refineries in the country and there's still no indication of how long it's going to be down."
- Jim Ritterbusch on May 29, 2014