Bloomberg Oil retreated from its highest close in more than two years amid low volume, even as a pipeline carrying crude to Libya’s export terminal was said to need a week for repairs following an explosion. Brent and West Texas Intermediate crude futures both slipped after the US benchmark rose 2.7 percent, breaching $60 a barrel for the first time …

Bloomberg Kuwait struck a 15-year deal with Royal Dutch Shell Plc for liquefied natural gas, locking in supplies as neighbours in the oil rich Gulf consider their own import strategies. The United Arab Emirates and Kuwait are the only importers of LNG in the region, with Bahrain joining the club in 2019. Saudi Arabia is looking at natural gas assets …

Bloomberg Iraqi Oil Minister Jabar al-Luaibi said he was optimistic there would be a balance between supply and demand by the first quarter of 2018, leading to a boost in oil prices. Global oil inventories have decreased to an acceptable level and there were positive signs that oil market prices would improve significantly in 2018, Luaibi told journalists. A slight …