WTI Oil Falls From 2014 High on Concern About Emerging Economies

West Texas Intermediate crude fell from the highest level of 2014 on concern that developing economies may contract and speculation that prices have climbed more than justified.

Futures dropped as much 1.2 percent. Emerging-market currencies weakened this week as Chinese growth slowed and the Federal Reserve further cut stimulus. About $1.8 trillion has been erased from the value of equities worldwide this month. WTI is approaching technical levels signaling an overbought market, having advanced for three weeks. WTI for March delivery fell 63 cents, or 0.6 percent, to $97.60 a barrel at 9:33 a.m. on the New York Mercantile Exchange. WTI climbed 0.9 percent to $98.23 yesterday, the highest settlement since Dec. 31. Futures are up 1 percent this week and down 0.8 percent this month. The volume of all contracts traded today was about 14 percent below the 100-day average. Brent for March settlement fell 92 cents, or 0.9 percent, to $107.03 a barrel on the London-based ICE Futures Europe exchange. The volume of all futures traded today was 21 percent above the 100-day average. The European benchmark crude traded at a $9.43 premium to WTI, compared with $9.72 yesterday, the first time it closed below $10 since Nov. 7.