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OPEC optimism masks challenge to oil’s rally from 12-year low

TEHRAN (Bloomberg) -- Oils recovery from a 12-year low may be too good to last as Iranian output rebounds faster than expected. OPEC last week stuck to its policy of unfettered production, deciding against a new output ceiling as the price......【More】

2016-06-06

OPEC keeps status quo after failing to agree on output cap

VIENNA (Bloomberg) -- OPEC will stick to its policy of unfettered oil production after members failed to agree on a new output ceiling. Crude extended its decline in London. The meeting didnt produce a supply accord but did reach consensus......【More】

2016-06-03

Oil pares losses on report OPEC to consider new output ceiling

NEW YORK (Bloomberg) -- Oil pared declines following a report that OPEC may consider a new production ceiling at Thursdays meeting. Futures rebounded after Reuters cited four sources as saying the Organization of Petroleum Exporting Countri......【More】

2016-06-02

Petrobras names new CEO and board member

RIO DE JANEIRO -- Petrobras has annouced the resignation of Aldemir Bendine from Petrobras board member and CEO positions. In light of the resignation presented, the board of directors held a meeting, during which engineer Pedro Pullen Pare......【More】

2016-06-01

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