Iran, once OPEC’s second-largest oil producer, will be unable to sustain an increase in crude exports that support its economy when some measures to curb those shipments are eased, the International Energy Agency said.
West Texas Intermediate crude rose to a six-week high on projections of a second consecutive drop in U.S. inventories. The spread between WTI and Brent oil from the North Sea tightened to the narrowest in a month.
The Philippines’ benchmark stock index sank to a three-month low and bonds fell on concern inflation will accelerate after regulators allowed the nation’s biggest power supplier to increase prices by a record. The peso weakened.
Senators from Mexico’s two biggest political parties proposed a bill to break the nation’s 75-year oil monopoly by amending the constitution to allow production sharing contracts and licenses for outside producers.