Brent Pares Gains as North Iraq Fighting Spreads
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Brent pared gains as Islamist militants fought Iraq’s government for control of a northern refinery, while the main southern oilfields in OPEC’s second-biggest producer were spared. West Texas Intermediate rose amid forecasts that U.S. oil stockpiles fell.
Futures gained as much as 40 cents in London. The Baiji refinery in northern Iraq was damaged as Islamist militants fought with the army for control of the country’s largest crude-processing plant. U.S. crude inventories probably slid by 750,000 barrels last week, a Bloomberg News survey showed before an Energy Information Administration report today.