West Texas Intermediate crude fell for a second day, trimming its first monthly advance since August amid speculation that recent increases are unsustainable.
Futures dropped as much as 0.4 percent after failing to extend gains above the 200-day moving average for a third day. WTI has risen 6.4 percent so far this month and is headed for the fourth annual advance in five years.
WTI for February delivery fell as much as 38 cents to $98.53 a barrel on the New York Mercantile Exchange and was at $98.66 at 8:27 a.m. Singapore time. The contract dropped 0.4 percent to $98.91 yesterday. The volume of all futures traded was about 86 percent below the 100-day average. Prices are up 7.4 percent in 2013.