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.
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.
Following are comments from Jonathan Barratt, managing director at Commodity Broking Services Pty. in Sydney, on the outlook for a Group of 20 farm ministers meeting in Paris today. He spoke to Linzie Janis on Bloomberg Television’s “First Look.”
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.