Brent Drops for a Second Day; Citigroup Lowers Forecast
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Brent crude declined for a second day amid signs global markets are adequately supplied after Saudi Arabia exported the most oil in eight years.
Futures dropped as much as 0.8 percent in London as Citigroup Inc. said it’s “rescinding” expectations for higher prices amid progress toward an agreement over Iran’s nuclear program. Saudi Arabia exported more crude in September than in any month since November 2005, according to data from the Joint Organizations Data Initiative. Hedge funds became the least bullish on West Texas Intermediate in five months as U.S. inventories expanded.