Futures fell as much as 0.3 percent in New York. The U.S. and Russia see the need for a diplomatic solution to the Ukraine situation, U.S. Secretary of State John Kerry said in Paris yesterday after meeting his counterpart, Sergei Lavrov. Oil rose March 28 after data showed U.S. consumer spending increased in February by the most in three months.

“The overall trend is bearish for the commodity,” Jonathan Barratt, the chief executive officer of Barratt’s Bulletin, in Sydney, said by phone today. “It’d gone up on the basis on the issues that are between Russia and the U.S. but if they are talking, it comes down.”

WTI for May delivery dropped as much as 27 cents to $101.40 a barrel in electronic trading on theNew York Mercantile Exchange, and was at $101.55 at 10:05 a.m. Seoul time. The contract climbed 39 cents to $101.67 on March 28, the highest settlement since March 7. The volume of all futures traded was about 21 percent below the 100-day average. Prices have gained 3.2 percent this quarter.

Brent for May settlement decreased as much as 29 cents, 0.3 percent, to $107.78 a barrel on the London-based ICE futures Europe exchange. The European benchmark crude was at a premium of $6.47 to WTI. The spread narrowed for a third day on March 28 to close at $6.40.

Money managers reduced bullish bets on WTI for a third week, according to the U.S. Commodity Futures Trading Commission. Net-long positions in the U.S. benchmark crude shrank by 8,917 contracts, or 3 percent, to 293,403 in the week ended March 25, its data show.

To contact the reporter on this story: Heesu Lee in Seoul at hlee425@bloomberg.net

To contact the editors responsible for this story: Pratish Narayanan atpnarayanan9@bloomberg.net Yee Kai Pin, Ramsey Al-Rikabi

http://www.bloomberg.com/news/2014-03-30/wti-slips-from-three-week-high-on-u-s-russia-talks-brent-drops.html

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