Crude Drops After Biggest Gain Since 2012

The United Steelworkers union, which represents employees at more than 200 U.S. refineries, terminals, pipelines and chemical plants, stopped work on Sunday at nine sites after failing to agree on a labor contract. Rising U.S. supply has contributed to a global surplus that drove oil prices almost 50 percent lower last year. The Organization of Petroleum Exporting Countries, which has resisted calls to cut output, boosted production in January as Iraq pumped at a record pace, according to a Bloomberg survey of oil companies, producers and analysts. West Texas Intermediate for March delivery lost as much as $1.57 to $46.67 a barrel in electronic trading on the New York Mercantile Exchange and was at $47.90 at 10:47 a.m. London time.



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