Brent Crude Drops to One-Week Low; Premium to WTI Narrows
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Brent crude declined to the lowest level in more than a week, narrowing its premium to West Texas Intermediate to a new 4 1/2 month low.
Futures slipped as much as 0.7 percent in London amid speculation tighter lending in China may crimp economic expansion in the world’s second-largest oil user. European stocks and emerging-market currencies declined for a second day. WTI’s losses were capped after government data yesterday showed crude supplies at Cushing, Oklahoma, the U.S. storage hub, fell by 1.08 million barrels to 34.8 million last week, the lowest level in four months.