West Texas Intermediate crude fell below $98 a barrel on speculation that the government will report U.S. supplies rose to a three-month high. The grade’s discount to Brent was the steepest since April.
West Texas Intermediate crude rose to a two-year high as Russian President Vladimir Putin said his nation will assist Syria if it’s attacked, raising concern that escalating tension will disrupt Middle East oil exports.
Hurricane Isaac and a deadly blast at Venezuela’s Amuay refinery pushed gasoline to an almost four- month high and threatened to revive a debate about energy costs in the run-up to the presidential election in November.
West Texas Intermediate crude climbed the most in two weeks after a drop in purchases of newly built U.S. homes last month bolstered speculation the Federal Reserve will defer tapering stimulus measures.