LONDON / Reuters Global supply and demand for crude oil will be largely balanced next year, as growth in consumption helps erode a three-year-old overhang of unused fuel and should mostly offset a steep rise in output, the International Energy Agency said. In its monthly oil market report, the Paris-based IEA said it continues to see global demand for crude ...

Bloomberg Oil climbed to the highest level in two weeks as dwindling US crude stockpiles and near-record Chinese imports signaled the worldwide glut is eroding. Futures advanced 1.7 percent in New York, posting the biggest weekly gain in a month. In China, the world’s second-biggest oil market, crude imports in September jumped to the second-highest on record. US oil inventories ...

LONDON / Reuters China has built its crude oil stockpiles at a record pace in 2017 and while its purchases could tail off towards the year-end, inventories could hit the billion-barrel mark in six months, the International Energy Agency said. China has spent around $24 billion on building its crude reserves since 2015, at an average of $50 a barrel, ...

LONDON / Reuters Already record US oil exports are set to surge further in the coming month as stored oil in one of the world’s last areas of excess stockpiles pours into global markets, the chief executive of trading house Mercuria, Marco Dunand, said. The US shale oil revolution upended global energy markets, and in late September the country’s oil ...

Bloomberg The key to replacing aging nuclear plants in the US Northeast may lie 1,000 miles away, along a remote river tumbling through the Canadian wilderness. In boreal forests above the Gulf of St. Lawrence, Hydro-Quebec is building a series of dams that will generate enough electricity for more than one million homes. The $5.2 billion project on the Romaine ...

Bloomberg Billionaire Kumar Mangalam Birla, whose Idea Cellular Ltd. is poised to become India’s top carrier, sees only a handful of businesses surviving a price war roiling the world’s second largest telecom market. The chairman of the Aditya Birla Group also won’t hazard a guess on when the industry shakeout will end in a country where calls already cost less ...

Bloomberg BMW AG is in early talks with China’s biggest maker of sport utility vehicles about the possible production of Mini cars in the country, potentially marking the brand’s first manufacturing project outside of Europe. Great Wall Motor Co. and BMW agreed in February to discuss cooperating on Mini, though the discussions are still preliminary and the companies haven’t entered ...

Bloomberg Toyota Motor Corp. and Mazda Motor Corp. are pressing for an incentive package of at least $1 billion from US states trying to land their $1.6 billion joint car factory, according to people familiar with the negotiations. Toyota and Mazda plan to brief their boards on a short list of states contending for the plant in the coming weeks ...

Bloomberg States regulators and health insurers are rushing to react to the latest move by the Trump administration to dismantle parts of the Affordable Care Act, less than three weeks before their citizens and customers start signing up for coverage. President Donald Trump’s administration said it wouldn’t pay subsidies to insurers that are used to help lower-income people with medical ...

Bloomberg Amazon.com Inc. is pushing into Brazil in earnest, sending a shudder through local retail stocks. After selling just books for a couple of years, Amazon is signaling it will expand in Latin America’s largest market, recruiting for several positions in Brazil, Bloomberg reported this week. Newspaper Valor said Amazon will begin selling electronics as soon as next week, because ...