Brent Crude News
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The probe of Libor manipulation is proving to be the tip of the iceberg as inquiries into assets from derivatives to foreign exchange show that if there’s a chance to rig benchmark rates in world markets, someone is usually willing to try.
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Bahrain, the Persian Gulf kingdom planning to sell bonds as early as this week, faces rising borrowing costs after its yields jumped to a nine-month high.
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South Korean regulations aimed at diversifying the nation’s crude supply will reduce freight costs for cargoes shipped from non-Middle East countries, including those in the European Union.
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Hedge funds and other money managers cut bullish bets on Brent crude from a three-month high, the first reduction in seven weeks, according to data from ICE Futures Europe.
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Brent crude’s two-week rally may halt at about $107.60 a barrel as futures reach the top of an upward-sloping trading channel, according to technical analysis by Barclays Plc.
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U.S. stocks fell, extending a weekly loss, as the International Monetary Fund cut its 2014 American growth forecast and warned that tapering of Federal Reserve stimulus may be risky if not handled properly. Treasuries and commodities rise, while the yen rallied.
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Ultra-low-sulfur diesel rose as gasoil gained in Europe and the International Energy Agency forecast tighter North Sea crude supplies this summer.
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Brent crude may fall to $90 a barrel in coming months on signs that the global economy is weakening, prompting some Middle East nations to cut production, according to Noah Capital Markets EMEA Ltd.
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The International Energy Agency trimmed demand forecasts for OPEC’s crude in the second half of the year amid signs of slowing growth in China as output from the producer group rose to a seven-month high.
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West Texas Intermediate crude dropped as the Bank of Japan unexpectedly left a lending program unchanged, bolstering concern that central banks are growing reluctant to add more stimulus. WTI’s discount to Brent crude shrank to the narrowest level in more than two years.
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