Brent Crude Falls on German Data as WTI Discount Narrows
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Brent crude tumbled after German industrial output unexpectedly fell, signaling an uneven recovery for Europe’s largest economy. The oil’s premium over West Texas Intermediate shrank to the narrowest in a month.
Futures slid 2 percent. German production decreased 1.2 percent in October, the Economy Ministry in Berlin reported. Analysts surveyed by Bloomberg had forecast a 0.7 percent gain. The Brent-WTI spread has tightened by more than $5 in a week as U.S. inventories dropped and TransCanada Corp. prepared to start the southern leg of the Keystone XL pipeline.