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Oil trader who predicted the decline says price has bottomed

LONDON (Bloomberg) -- Pierre Andurand, the founder of the $615 million Andurand Capital Management who correctly predicted the slump in oil prices, said the commodity has probably hit bottom and will end the year higher. The price of oil wi......【More】

2016-01-25

OPEC flood a boon to China oil giant as Iraq boosts output

SHANGHAI, China (Bloomberg) -- OPECs decision to flood global markets is helping Chinas biggest oil company pump record volumes overseas. China National Petroleum Corp. more than doubled production from Iraq last year as the groups second-b......【More】

2016-01-22

Shell profit plunges at least 42% as oil slump deepens

THE HAGUE (Bloomberg) -- Royal Dutch Shell Plc, which is buying BG Group Plc in the industrys largest deal in a decade, expects fourth-quarter profit to drop at least 42% after the rout in crude prices deepened. Profit adjusted for one-time......【More】

2016-01-21

Oil rout could deepen as market ‘drowns’ in oversupply, IEA says

PARIS (Bloomberg) -- Global oil markets could drown in oversupply, sending prices even lower as demand growth slows and Iran revives exports with the end of sanctions, according to the International Energy Agency. The IEA trimmed 2016 estim......【More】

2016-01-20

The North Dakota crude oil that’s worth less than nothing

HOUSTON (Bloomberg) -- Oil is so plentiful and cheap in the U.S. that at least one buyer says it would need to be paid to take a certain type of low-quality crude. Flint Hills Resources LLC, the refining arm of billionaire brothers Charles......【More】

2016-01-19

Iran kicks off plan to boost oil exports as sanctions lifted

TEHRAN (Bloomberg) -- Iran is beginning efforts to boost oil production and exports amid a global supply glut after the removal of sanctions that shackled its economy and capped crude sales. The Persian Gulf country is targeting an immediat......【More】

2016-01-18

Crude at $10 already a reality for Canadian oil-sands miners

CALGARY, Alberta (Bloomberg) -- Think oil in the $20s is bad? In Canada theyd be happy to sell it for $10. Canadian oil sands producers are feeling pain as bitumenthe substance at the center of the heated debate over TransCanada Corp.s Keys......【More】

2016-01-15

China sets oil price floor at $40 to protect domestic supply

BEIJING (Bloomberg) -- China wont let fuel prices fall in line with crude below $40/bbl as the worlds second-biggest oil consumer seeks to curb pollution and shield domestic producers from oils collapse. The price of fuels, such as gasoline......【More】

2016-01-14

Crude falls below $30 for first time in 12 years

NEW YORK (Bloomberg) -- Oil dropped below $30/bbl in New York for the first time in 12 years on concern that turmoil in Chinas markets will curb fuel demand. West Texas Intermediate crude tumbled to the lowest since December 2003. Concerns......【More】

2016-01-13

Crude tumbles to 12-year low as hedge funds head for exit

NEW YORK (Bloomberg) -- Crude declined to a 12-year low, confirming the view of hedge funds that cut bullish price bets to the lowest since 2010. Futures dropped as much as 4.7% in New York, adding to last weeks 10% decrease. Speculators ne......【More】

2016-01-12