Bloomberg Oil closed in a bear market, but don’t abandon hope. Analysts are looking beyond the current slide to next year for a rebound. Crude has plunged by more than a fifth in less than two months as refineries created a glut of gasoline while failing to eliminate excess supply of crude. That wrecked refining margins and hurt the …

  Bloomberg Kuwait’s government approved an increase in prices of gasoline sold locally by as much as 83 percent, becoming the latest oil-rich Arab nation to cut subsidies as lower crude prices squeeze finances. The OPEC member will raise the price of the lowest octane gasoline by 42 percent to 85 fils per liter (30 cents) starting September, local media …

  Reuters Egypt’s Ministry of Investment will assess eight state-owned petroleum companies for their suitability for a possible listing on the Egyptian Stock Exchange or share issuances, Petroleum Minister Tarek El Molla told Reuters on Tuesday. The Egyptian presidency announced in January that Egypt would soon offer shares of “successful” state-owned companies and banks on the local bourse – its …