Crude Caps Longest Run of Weekly Losses Since January on Glut

Brent oil capped the longest run of weekly declines since January as ample inventories and an accord to ease sanctions on Iran suggested global markets will remain oversupplied.

U.S. crude stockpiles remain almost 100 million barrels above the five-year average for this time of the year, Energy Information Administration data show. The prospect of increasing Iranian output may still weigh on prices even if the gain is gradual, according to Barclays Plc.