Bloomberg Brent oil dropped after a pledge by Russia and Saudi Arabia to cooperate to stabilize the market failed to include any specific measures to bolster prices. Futures fell as much as 0.8 percent in London after climbing 4.8 percent over the previous two sessions. Brent jumped as much as 5.5 percent on Monday as news broke that Saudi …

  Bloomberg A group of liquefied natural gas industry executives is launching a digital platform that will allow LNG traders to buy and sell spot cargoes via online auctions. The Global LNG Exchange, or GLX, will begin testing its platform in October and plans to handle live deals starting in the first quarter, Chief Executive Officer Damien Criddle said in …

  Bloomberg Everyone wants a share of the world’s hottest oil market, including China’s taxman. Purchases by the country’s independent refiners, granted permission last year to buy foreign crude, have soaked up some of the global oil glut and helped revive prices after the biggest collapse in a generation. Sellers from Saudi Arabia to BP Plc have been supplying the …