Brent crude prices fell on Tuesday as the front-month November contract expired ahead of weekly inventory
reports expected to show U.S. crude oil inventories rose last week.
Expiring November Brent retreated only after reaching a four-week high above $116 a barrel and after Brent’s premium to U.S. crude advanced to $24.28, the highest since October 2011.
Oil Trades Near One-Week High on Aid Optimism, U.S. Economy
Oil traded near the highest level in a week in New York on signs Germany may ease its resistance to a Spanish aid and after industrial production rose more than forecast in the U.S., the world’s biggest crude consumer. Futures were little changed after rising as much as 0.7 %. Two German lawmakers said the country is open to Spain seeking a precautionary credit line. Output at U.S. factories, mines and utilities rose 0.4 % in September
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