Bloomberg Oil held gains near $51 a barrel as OPEC Secretary-General Mohammad Barkindo reiterated a rapid market re-balancing is under way, and as US production was again disrupted by a storm. Futures added 0.8 percent in New York after advancing 3.3 percent in the previous two sessions. The global economic recovery has gained traction and oil de-stocking gathered momentum over ...

Bloomberg South Africa plans to engage with traders who acquired strategic oil reserves two years ago, even as it prepares legal action to try to cancel the deal. The Strategic Fuel Fund, responsible for managing the reserves, sold 10 million barrels of oil in December 2015 to Taleveras Group and joint ventures of Vitol Group and Glencore Plc. A probe ...

Bloomberg Italy is looking to shed its status as one of Europe’s most expensive gas markets, but the way it plans to do so has riled traders. Lawmakers will likely discuss a proposed national energy strategy that would overhaul the country’s gas sector and may cut prices by 5 percent. Economic Development Minister Carlo Calenda seeks to turn the plan, ...