Oil Moves Lower as U.S. Rejects Permit for Keystone XL Pipeline

Oil declined in New York as the Obama administration denied a permit for TransCanada Corp.’s Keystone XL pipeline, which would have carried crude to U.S. Gulf Coast refineries from Alberta’s oil sands.

West Texas Intermediate oil, the U.S. benchmark, retreated after two people familiar with the matter said the rejection was imminent. The announcement came after the close of floor trading. Oil climbed earlier after the Federal Reserve figures showed that U.S. industrial output rose 0.4 percent in December.