Crude Falls on IEA Demand Outlook; Brent-WTI Gap Narrows
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West Texas Intermediate crude fell for the first time in four days as the International Energy Agency trimmed forecasts for global oil demand. Brent’s premium to WTI shrank to the smallest level in 14 months.
Futures tumbled 1.2 percent as the IEA predicted the weakest fuel use in Europe since the 1980s. U.S. supply increased to a 22-year high last week, the Energy Information Administration said yesterday. Brent oil’s premium to WTI shrank below $11 as the European benchmark slumped more than WTI.