Brent crude traded at a nine-month high as Iraqi forces battled insurgents north of Baghdad. West Texas Intermediate rose for the first time in four days after a government report showed U.S. crude supplies shrank.
Commodities rose to a nine-month high as crude advanced after a government report showed U.S. inventories shrank and amid concern that violence in Iraq will disrupt supplies from OPEC’s second-largest producer.
West Texas Intermediate fell for a second day after inventories of gasoline and distillate fuels increased in the U.S., the world’s biggest oil consumer. Brent slipped as the European Central Bank cut its deposit rate below zero.
West Texas Intermediate traded near a four-week high amid speculation that crude supplies will shrink further at Cushing, the biggest U.S. oil-storage hub. Brent was steady in London after Libya’s government offered concessions to defuse renewed tensions.