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.
West Texas Intermediate crude climbed for the first time in six days as industrial production increased in China, the second-biggest oil-consuming country.
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.
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.
U.S. oil inventories probably fell to a one-month low last week as imports tumbled, a Bloomberg News survey showed.
Crude oil futures for delivery in 2018 surged above $100 a barrel this week as the BP Plc oil spill in the Gulf of Mexico led the government to consider a halt in future drilling.
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.
"Back in 2008, we were at the peak of a cycle of resource nationalism among producing countries."
- Antoine Halff on Aug 14, 2014