Brent Crude Halts Five-Day Advance in London on Demand Concern

Brent crude oil declined in London, halting a five-day advance after rallying to a 31-month high yesterday, on speculation that rising fuel prices may dent demand in China and the U.S., the world’s biggest crude users.

The European benchmark retreated after climbing to $123.37 a barrel yesterday, the highest settlement since Aug. 1, 2008. China’s National Development and Reform Commission said gasoline and diesel retail prices will increase today because of global crude costs. The world’s second-biggest economy raised interest rates for the fourth time since October this week to cool inflation. U.S. oil supplies climbed for a fifth week to 357.7 million barrels, the Energy Department said yesterday.