Oil prices steadied early on Tuesday as traders closed short positions and took on new longs after markets tumbled in the previous session.Crude prices fell on Monday with the onset of lower demand autumn trading and as weak economic data out of China and soft gasoline prices pressured the…
Hedge funds added the most bullish oil bets since April on optimism that the global oversupply will disappear as producers slow output.
Money managers boosted their net-long position by 16,855 contracts to 132,857 futures and options in the week ending Sept. 8, according to data from the Commodity Futures Trading…
Brent crude rebounded after a two-day decline before trade data from China, the world’s second-biggest oil consumer.
Futures rose as much as 1 percent in London. Chinese imports and exports probably dropped in August, according to Bloomberg estimates before data Tuesday from the General Administration of Customs. Sanctions on Iran…
Oil prices fell on Monday as concerns of global oversupply, a firmer dollar and lackluster US nonfarm payroll data on Friday weighed on oil markets.The long Labor Day holiday in the United States may also lead to thin trading later in the session.
“US nonfarm payrolls turned out weaker than…
Oil firm Nexen has revealed it is pressing ahead with plans to decommission two North Sea oil and gas fields according to schedule.
Nexen, which is owned by China National Offshore Oil Corporation (Cnooc), has confirmed plans to start decommissioning the Ettrick and the nearby Blackbird fields in the Outer…
