U.S. crude oil prices rose towards $50 as a strong start to the summer driving season in the U.S. suggested strong fuel demand. Read full story › Source:: CNBC energy
By hellenicshippingnews.. Don't be fooled by today's market reaction: OPEC's widely anticipated decision in Vienna today to extend the production cuts that were agreed to back in November 2016 should prove bullish for crude oil prices. Traders may be unimpressed, pushing prices down more than 5 percent to below $49 a barrel in New York, […]
By hellenicshippingnews.. Investors raised their bullish bets on Brent crude oil to a four-week high in the week to May 23 ahead of OPEC's meeting over whether to extend output cuts, data from the InterContinental Exchange (ICE) showed. Hedge funds and money managers increased their net long positions on Brent crude by 51,453 contracts to […]
China's state oil firms have long labored under high labor costs and price controls that depress returns. A new reform plan could change that—but only if China makes some tough choices, and quickly. Read full story › Source:: WSJ market news
