Oil rebounded from the biggest decline in three months after a report showed crude stockpiles falling in the U.S. Prices dropped yesterday as Saudi Arabia said it may boost supplies.
Futures gained as much as 0.5 percent after sliding 2.3 percent yesterday. U.S. crude supplies shrank by 1.4 million barrels last week, according to the American Petroleum Institute. The Energy Department may say today that inventories climbed by 2.2 million barrels, a Bloomberg News survey showed. Saudi Arabia can increase output by 25 percent immediately if needed, Oil Minister Ali al-Naimi said. Prices have risen this year on concern that tension with Iran threatens supplies.
“When we get big draws or builds the market will take it and move, but then it’ll come back to reality,” said Jonathan Barratt, chief executive of Barratt’s Bulletin, a commodity markets newsletter in Sydney.
Dana Gas in talks with Egypt to hike gas prices
UAE-based Dana Gas said it was in talks with the Egyptian government to secure a higher price for some of the natural gas it extracts, as the North African country moves to encourage investment in en