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Oil pessimists exit market as supplies seen closer to balance

NEW YORK (Bloomberg) -- The oil market doomsayers are beginning to capitulate. Speculators reduced bets on falling prices to the lowest level in 11 months as oil briefly breached $50/bbl on signs supplies are coming into balance. Crude clim......【More】

2016-05-31

Oil states expected to stick with Saudis: OPEC reality check

VIENNA, Austria (Bloomberg) -- OPEC members gathering in Vienna June 2 are expected to go along with a Saudi Arabia-led policy focused on squeezing out rivals amid signs the strategy is working. That means the meeting may be less fraught th......【More】

2016-05-30

Oil’s brief $50 breach doesn’t mean much unless it sticks around

NEW YORK and LONDON (Bloomberg) -- For the oil industry, $50/bbl is a nice start. The big question is what comes next. Crude prices in New York and London briefly breached that long-anticipated barrier on Thursday, helped by supply disrupti......【More】

2016-05-27

Oil climbs to seven-month high as U.S. crude supply, output decline

NEW YORK (Bloomberg) -- Oil rose to the highest level in more than seven months in New York, after a government report showed that U.S. crude inventories and production declined, easing a glut. Crude stockpiles dropped 4.23 MMbbl, according......【More】

2016-05-26

Oil climbs to seven-month high as U.S. crude supply, output decline

2016-05-26

Oil’s recovery under threat as tankers run in circles off China

BEIJING (Bloomberg) -- In late February, the tanker Jag Lok loaded oil from Equatorial Guinea in western Africa and set sail for the Chinese port of Qingdao, the gateway to the worlds newest buyers of crude, a journey of more than 12,000 na......【More】

2016-05-25

OPEC set for another meeting with no deal after Doha failure

VIENNA, Austria (Bloomberg) -- After failing to reach an accord on oil supply in Doha last month, OPEC is poised to go another meeting with no agreement on how much crude to produce. All but one of 27 analysts surveyed by Bloomberg said the......【More】

2016-05-24

Total, Oil Search divvy InterOil assets in $2.2-billion deal

PARIS (Bloomberg) -- Total and Oil Search will divide the Papua New Guinea assets of InterOil Corp. in a two-step deal as global energy companies seek to expand the Pacific nations LNG exports. After buying 100% of its fellow Papua New Guin......【More】

2016-05-23

Oil rally seen having more to go as millions of barrels are lost

MELBOURNE, Australia (Bloomberg) -- Oil prices are yet to reflect all of the millions of barrels of crude lost to supply disruptions, according to Australia New Zealand Banking Group Ltd. Almost 2.5 MMbpd of supplies have been removed from......【More】

2016-05-20

Oil extends drop as unexpected stockpile gain expands U.S. glut

NEW YORK (Bloomberg) -- Oil extended its decline for a second day as U.S. crude stockpiles unexpectedly increased, keeping supplies at the most in more than eight decades. Futures slid as much as 0.8% in New York after falling from the high......【More】

2016-05-19