Bloomberg Oil traded near $52 after entering a bull market as US industry data showed an unexpected decline in crude stockpiles, the first decrease since Hurricane Harvey hit the Texas coast last month and shuttered refineries. Futures fell 0.2 percent in New York after slipping on Tuesday. Inventories fell by 761,000 barrels last week, the American Petroleum Institute was said …

Bloomberg The offshore drilling market will take a long time to rebalance as more consolidation and rig retirements are needed to cut oversupply, according to DNB ASA, Norway’s biggest bank. While the market has probably reached bottom, the question is how long it will stay there, Kristin Holth, DNB’s head of global ocean industries, said in a phone interview on …

Bloomberg The age of persistently weak oil prices is nearing its end, with demand booming and a supply squeeze in the offing, according to Trafigura Group. The global market could face a shortage by 2019, Ben Luckock, co-head of Group Market Risk at the third-largest independent oil trader, said at the S&P Global Platts APPEC conference. As much as 9 …