West Texas Intermediate crude dropped for a fourth day to the lowest price in more than six weeks amid output gains and speculation that a United Nations mandate will ease the threat of a U.S. military strike on Syria.
Futures were down as much as 0.9 percent after closing yesterday at the lowest since Aug. 8 as the Security Council worked toward an agreement to disarm Syria’s chemical weapons. Production in Texas climbed in June to the most in 32 years, while Nigeria restored some oil supplies as pipelines sabotaged by vandalism and theft were repaired. Saudi Arabia will meet any shortage in the market, according to the kingdom’s oil minister.
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