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Oil fell
West Texas
Intermediate crude retreated from a two-month high on speculation that prices
climbed more than justified last week.
Futures
dropped as much as 0.5 percent in
WTI for
February delivery fell 36 cents, or 0.4 percent, to $98.96 a barrel at 9:17
a.m. on the New York Mercantile Exchange. The contract rose 28 cents to $99.32
on Dec. 20, the highest close since Oct. 18. The volume of all futures traded
was 70 percent below the 100-day average. Prices have advanced 7.8 percent this
year.
Brent crude
for February settlement slipped 3 cents to $111.74 a barrel on the London-based
ICE Futures Europe exchange. The volume of all futures traded was 65 percent
lower than the 100-day average. The European benchmark traded at a $12.78
premium to WTI, compared with $12.64 on Dec. 20.
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