OPEC's decision to cede no ground to rival producers underscored the price war in the crude market and the challenge to U.S. shale drillers. The 12-nation group abandoned its role as a swing producer, ignoring the steepest slump in oil prices since the global recession to keep its output target unchanged.
Wheat fell in Chicago as traders weighed the potential impact of tension between Ukraine and Russia on grain exports from the Black Sea region as officials held talks in Berlin on resolving the crisis. Corn rose.
Brent crude rose on speculation that threats to supply mean recent losses were excessive, while West Texas Intermediate declined, pushing the North Sea grade’s premium to the U.S. benchmark to the widest in a week.
Brent traded near the highest level since September and West Texas Intermediate was little changed as militants in Iraq seized more territory and President Barack Obama warned that the crisis may spill over into other countries.