BP Plc failed to buy North Sea Forties crude at a lower price than a previous bid. While OAO Surgutneftegas awarded Russian Urals crude in a tender, there were no bids or offers for the grade in the trading window for a sixth session.
Emerging-market stocks advanced for a second day after Iran agreed to limit its nuclear program, bolstering appetite for riskier assets. OAO Gazprom paced declines in energy producers as crude oil slumped.
The alleged fixing of oil prices is unlikely to sway traders from using Brent as a benchmark for buying and selling oil in the $5.7 trillion commodity market, according to analysts and brokers from London to Tokyo.
Royal Dutch Shell Plc failed to buy North Sea Forties and Oseberg crude grades at higher prices than deals yesterday. No bids or offers were made for Russian Urals in Europe. BP Plc sought to sell Nigerian Qua Iboe crude for a fourth day without success even after lowering the offer.
Mercuria Energy Trading SA failed to sell North Sea Forties crude at a smaller discount than yesterday. Royal Dutch Shell Plc bought Brent and Oseberg at higher prices than previous trades. Eni SpA sought to buy Russian Urals in northwest Europe without success.
Bharat Petroleum Corp. is the best- performing energy stock on the MSCI AC Asia Pacific Index this year and analysts say its foray into exploration in Africa to counter refining losses may mean there’s more growth to come.