The U.S. is stockpiling the most crude since the Great Depression, thanks to the shale boom that has boosted production to the most in 26 years.
West Texas Intermediate crude fell to a two-week low as U.S. supplies reached the highest level in 83 years. Brent also slipped.
Speculators’ decision to raise bullish bets on U.S. natural gas was rewarded with a rally to the highest price since February.
West Texas Intermediate and Brent crudes rose to seven-week highs as tension escalated between Ukraine and Russia and the U.S. economic expansion showed signs of strengthening.
The focus of the Keystone XL debate has shifted from a fierce lobbying war in Washington to Lincoln, Nebraska, where the state Supreme Court has been asked to weigh a legal challenge to the pipeline.
West Texas Intermediate crude fell from a five-week high on forecasts that U.S. inventories increased last week. Brent slipped as Libya prepared to resume exports from its Hariga terminal.
Brent and West Texas Intermediate crudes dropped for the first time in three days after Libyan rebels surrendered control of two oil ports to the government, enabling the country to bolster exports.
Fewer than three weeks into spring, oil speculators are already thinking about the summer.
West Texas Intermediate crude fell the most since March 12 on speculation that U.S. inventories gained for an 11th week and as a gauge of manufacturing rose less than expected. Brent slipped.
Brent crude rose the most in a month amid concern that talks between the Libyan government and rebels won’t restore oil exports. West Texas Intermediate’s discount to Brent widened.
"We've yet to waive off imports but may be nearing a breaking point because of swollen supplies along the Gulf Coast."
- John Kilduff on Apr 23, 2014
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