West Texas Intermediate retreated from the biggest gain since September amid speculation a drop in Saudi Arabian oil supply to the market isn’t a signal for production cuts. Brent widened its premium to WTI.
Futures capped a fourth weekly decline. Saudi Arabia’s crude supplies slipped last month even as production increased, a person familiar with the kingdom’s oil policy said yesterday. Both Brent and WTI have dropped more than 20 percent from this year’s high in June on concern global supply is outpacing demand.