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.
Emerging-market stocks rose, extending the biggest quarterly advance since September 2012, while shares in Europe and the U.S. were little changed. Oil fell as continuing violence in Iraq failed to disrupt supply.
Even with OPEC forecast to keep its output quota unchanged at a meeting this week, falling oil demand and prospects for increased supply from some member states mean the group’s leader, Saudi Arabia, will have to cut production anyway.
Libya prepared to open some oil ports closed by labor unrest, as the government vied with guards for control of export facilities. The country’s navy said it would seize any tankers attempting illicit shipments.