Brent crude fell to a three-week low, narrowing its premium to West Texas Intermediate, as OPEC output climbed and Libya prepared to reopen an export terminal. Brent and WTI slipped Libya’s Hariga port is set to resume operating within two days after authorities approved salary payments to Petroleum Facilities Guard members who are preventing loadings, according to the country’s National Oil Corp. Gasoline and diesel futures also fell amid speculation a government report will show fuel supplies gained last week. WTI for July delivery slipped 24 cents to settle at $102.47 on the New York Mercantile Exchange. It was the lowest since May 20. Volume was 33 percent lower than the 100-day average.
Gold
Gold fell, capping the longest slump since August, as a rally in global equities curbed demand for alternate investments. The metal touched a 17-week low yesterday, partly as tensions eased in Eastern Europe. A majority of Russia’s forces have withdrawn from the border with Ukraine, a U.S. Pentagon spokesman said on May 30. Increases in equities and the dollar curbed demand for gold, Barclays Plc said in a report. Gold was little changed from yesterday’s range to be traded at $1,241.87 per ounce, 0.3% lower than yesterday to keep on its longest drop since March this year. To metal lost about 5%, or $50 during May.