Brent Oil Snaps Two-Day Gain as Europeans Seek Greek Deal
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Brent crude halted a two-day advance in London before European finance ministers meet to discuss aid for Greece amid concern that the region’s debt turmoil will constrain fuel consumption.
Futures dropped as much as 0.8 percent as ministers prepared to assess whether the latest round of cuts agreed by Greece are sufficient to warrant further assistance. Saudi Arabian Oil Minister Ali al-Naimi said that prices, down 15 percent in London from this year’s peak, are “good.” U.S. oil output is poised to surpass Saudi Arabia’s in the next decade, the International Energy Agency said. Hedge funds reduced bullish bets on Brent and West Texas Intermediate in the week to Nov. 6.