Oil Heads for First Weekly Gain in Month on Syria Tension

Oil headed for its first weekly gain in a month in New York as OPEC production fell to the lowest level in eight months and increasing Middle East tensions prompted concern that supplies may be further disrupted.

Futures were little changed after rising as much as 0.6 percent earlier. Production in the Organization of Petroleum Exporting Countries fell 510,000 barrels a day to 31.17 million a day last month as sanctions reduced Iranian exports, the International Energy Agency said. Brent traded near the highest premium in a year to West Texas Intermediate grade after Turkey said a Syrian plane that it grounded contained munitions, while Italian Foreign Minister Giulio Terzi said Europe is prepared to tighten measures against the Iran.