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, …

SINGAPORE / Reuters Spot prices for October-loading Iraqi Basra Light crude in Asia have slipped to discounts against its official selling price and could stay weak for another month after the producer did not cut prices for November, four trade sources said. Iraq kept the November official selling price for Basra Light to Asia unchanged even as Saudi Arabia trimmed …