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Crude Oil

US oil boom delivers surprise for traders — and it’s costly

LONDON/NEW YORK: The world’s biggest oil traders are counting hefty losses after a surprise doubling in the price discount of US light crude to benchmark Brent in just a month, as surging US production upends the market. Trading desks of oil major BP and merchants Vitol, Gunvor and Trafigura have recorded losses in the tens of millions of dollars each as a result of the “whipsaw” move when the spread reached more than $11.50 a barrel in June, insiders familiar with their performance told Reuters. The sources did not…

Oil prices rise as looming Norway strike adds to disruptions

TOKYO: Oil prices rose on Tuesday on escalating concerns over potential supply shortages, with Brent crude leading the way as hundreds of oil workers in Norway were set to strike later in the day. Brent crude added 55 cents, or 0.7 per cent, to $78.62 per barrel by 0638 GMT, following a 1.2-percent climb on Monday. US light crude futures were up 47 cents, or 0.7 per cent, at $74.32. Hundreds of workers on Norwegian oil and gas offshore rigs are due to strike on Tuesday after rejecting a proposed wage deal, a move…

Saudi Arabia says $60 oil ‘not unthinkable’ by year-end

ISTANBUL: Saudi Arabia said on Monday it was "not unthinkable" that the price of crude oil could surge to $60 a barrel by the end of the year but warned against drastic production cuts that might shock markets. Speaking in the opening keynote speech at the World Energy Congress in Istanbul, Saudi Energy Minister Khalid Al-Falih said that whatever the oil price the kingdom was in good shape to implement its reform vision to transform the structure of its crude-based economy by 2030. For months pressured by concerns of slack…