Bloomberg Oil is losing momentum after the longest weekly rally in two months, with confidence that US crude stockpiles are beginning to shrink damped by concern that American drilling activity is increasing. Futures were little changed in New York after falling 1 percent Monday, following its third weekly advance. While data on Wednesday may show US inventories probably shrank …

  Bloomberg The oil boom in the Permian Basin, America’s most prolific crude play, has become a gas boom. With its $2 billion takeover of EagleClaw Midstream Ventures LLC, Blackstone Group LP became the latest company to bet on gas in a basin better known for its oil reserves. Its interest lies in “associated gas” — a term used to …

  SINGAPORE / Reuters China is looking at launching its crude oil futures in Shanghai in the second half of this year, two sources familiar with the matter said, breathing new life into a derivative that was considered shelved only months ago. The contract is aimed at giving China, world’s second-largest oil consumer after the United States, clout in pricing …