Regional News

Bloomberg Oil snapped its longest run of gains this year as OPEC output rose amid a boost from members exempt from supply cuts. Futures slid 0.5 percent in New York after advancing almost 11 percent the previous eight sessions. OPEC production in June climbed to the highest level this year because of increases from Libya and Nigeria, which aren’t bound ...

Bloomberg Oil traded near the highest closing price in almost three weeks after US drilling slowed after a record expansion. Futures were little changed in New York after rising 8.3 percent the previous seven sessions. US drillers targeting crude reduced the number of active rigs for the first time in 24 weeks, according to Baker Hughes Inc. data. Libya’s oil ...

Bloomberg Libya’s oil production has climbed to more than 1 million barrels a day for the first time in four years, further complicating OPEC’s struggle to regain control of the oil market. The North African country is pumping 1.005 million barrels a day, according to a person with direct knowledge of the situation, who asked not to be identified because ...

Bloomberg Oil short-sellers have been on a roll, but their bets on declining prices may have begun to hit a wall. Hedge-fund wagers on lower West Texas Intermediate crude reached the highest level since August in the week ended June 27, after more than doubling in two months, according to Commodity Futures Trading Commission data. The bearish bets increased at ...

CAIRO / Reuters Egypt attracted almost a nine-fold increase in foreign investment in domestic debt instruments in the 2016-2017 fiscal year, the finance ministry said. Appetite for Egypt’s domestic debt has increased since the central bank floated the currency in November as part of an International Monetary Fund lending programme aiming to revive the economy. For the 2016/17 fiscal year, ...

Bloomberg The chorus in the oil market calling for deeper production cuts gets louder almost every day. By resisting the clamor, OPEC is breaking with its own history. As crude sank below $50 a barrel — less than half the price of two years ago — market-watchers from Goldman Sachs Group Inc. to former OPEC officials said supply curbs imposed ...

Bloomberg Shale explorers reduced the number of rigs drilling for oil in the US this week, snapping a record expansion in a sign the boom may be waning as prices linger near $45 a barrel. Working rigs targeting crude fell by 2, bringing the total to 756, according to Baker Hughes Inc. data reported. The reduction ended 23 straight weeks ...

Bloomberg The fire that killed at least 79 people in a residential tower in London earlier this month has delivered a blow to an often overlooked section of the green industry that’s crucial to delivering energy efficiency. Local authorities across the UK are ripping foam insulation from housing blocks after concerns that plastic cladding on the Grenfell Tower acted as ...

LONDON­­­­ / Reuters OPEC oil output has risen in June by 280,000 barrels per day (bpd) to a 2017 high, a Reuters survey found, as a further recovery in supply from the two member countries exempt from a production-cutting deal offset strong compliance by their peers. High compliance by Gulf producers Saudi Arabia and Kuwait helped keep OPEC’s adherence with ...

Bloomberg Oil companies have spent three years slashing spending and firing workers to protect profits, only to find their hard work blown away as prices entered another bear market. The MSCI World Energy Sector Index is heading for a second consecutive quarter of declines, mirroring the drop in crude. The 90 companies that make up the index, including giants like ...