West Texas Intermediate fell from the highest closing price this month amid speculation crude inventories rose to the most since June in the U.S., the world’s biggest oil consumer.
Futures slid as much as 0.9 percent after two days of gains. Crude stockpiles climbed for an eighth week, adding 500,000 barrels in the period ended Nov. 8, according to a Bloomberg News survey before a report from the Energy Information Administration this week. Iran and the United Nations signed their first accord in six years yesterday, giving monitors broader access to nuclear facilities in the Persian Gulf nation. The U.S. will become the largest oil producer by 2015, the International Energy Agency said today.