West Texas Intermediate crude fell to the lowest level in almost six months on rising U.S. stockpiles and production. The spread between WTI and Brent widened to an eight-month high.
Futures dropped 1.5 percent. Supplies rose 2.95 million barrels to 391.4 million last week, the 10th gain in a row, according to the Energy Information Administration. U.S. crude production increased 45,000 barrels a day to 8.02 million, the most in almost 25 years. Brent’s premium to WTI exceeded $19.