West Texas Intermediate advanced for a third day amid speculation that crude inventories declined for a second week in the U.S., the world’s biggest oil consumer. Brent was steady in London.
The gap between West Texas Intermediate and Brent narrowed to the least in almost two months as U.S. crude stockpiles were forecast to fall and Ukraine said peace talks with Russia yielded progress.
West Texas Intermediate crude headed for its third weekly gain, the longest rising streak since February, amid declining U.S. crude stockpiles. Brent was steady in London before elections in Ukraine.
China’s Baosteel Group Corp.’s bid for an Australian iron ore project developer hit a hurdle after a potential rival took a 12 percent stake in its target.
Brent crude traded near a six-week high amid concern that the escalating crisis in Ukraine will disrupt supplies. West Texas Intermediate rose for a second day.
Brent crude traded near its lowest closing level in four days amid speculation that heightened discord between Russia and Ukraine following weekend elections won’t impact oil supply. West Texas Intermediate was steady before economic data.