Crude oil rises amid speculation global crude glut to decline
Oil climbed amid speculation that the global crude glut will decline as U.S. production slips and central bank policies stimulate demand. Futures rose 1.2 percent in New York. Oil capped a fifth-straight weekly gain on Friday as government data showed U.S. crude output fell to the lowest level since November 2014 and the Federal Reserve […]
Why the global oil glut might not fill swimming pools after all
One of the warning lights that there’s too much oil around is no longer flashing, adding to signs that global crude markets are finally on the mend. Just a month ago, oil traders were weighing up whether to park unwanted crude aboard tankers while BP Plc Chief Executive Officer Bob Dudley joked that swimming pools […]
supply outages in OPEC countries push up oil prices
Much of the current oil price rally – up about 50 percent in less than two months – is due to the growing optimism in the markets. That is, the price surge is driven by speculative movements, bets that oil prices will rise. However, the speculators are not entirely off base. While the underlying fundamentals […]
China interested in importing Nigerian oil
China has expressed interest in importing more crude oil from Nigeria, according to a News Agency of Nigeria (NAN) report. The report credited the Chinese interest to their embassy’s local economic and commercial counsellor Zao LingXiang who is said to have made this declaration. In 2015, the total amount of crude oil export to China […]
