The U.S., the world’s largest oil consumer, will continue to import crude from Colombia and Venezuela, according to the International Energy Agency.
Refiners’ profit from turning oil into gasoline more than doubled this month as plants along the U.S. East Coast shut for repairs and imports from Europe declined in the aftermath of a French strike.
The natural gas market in New York is contracting as prices head for the first three-year drop on record, helping to expand trading in heating oil.
U.S. crude-oil inventories probably rose to the highest level in more than three months as refineries idled units to perform seasonal maintenance, a Bloomberg News survey showed.
U.S. oil inventories probably fell to a one-month low last week as imports tumbled, a Bloomberg News survey showed.
The European Union tightened sanctions on Iran in a bid to persuade Tehran to permit more international scrutiny of its nuclear program and avert a possible military conflict.
Oil may return to $100 a barrel for the first time since the 2008 financial crisis as the U.S. Federal Reserve’s stimulus measures weaken the dollar, drawing investors to raw materials.
The U.S. will “ratchet up the pressure” on Iran to address international concerns about that country’s nuclear program, the Treasury Department’s top counterterrorism official said.
The European Union reached a preliminary agreement to tighten sanctions on Iran to increase pressure on the Gulf nation’s nuclear program, according to two EU diplomats with knowledge of the matter.
"Our assumption is that exports will remain quite low for the next few years."
- Antoine Halff on Oct 12, 2012