The International Energy Agency estimates that non-OPEC oil producers led by the U.S., Canada and Kazakhstan will bolster supplies next year by the most since the 1970s, undermining the need for OPEC’s crude.
The abduction of Libya’s Prime Minister Ali Zaidan marks a period of just over a year in which the U.S. ambassador was killed, the French and Russian embassies were attacked, military officers were assassinated and oil output slumped. Security won’t improve any time soon.
Russia’s government bond yields rose to the highest level in a month on concern supply will increase after Finance Minister Anton Siluanov said he plans to meet the borrowing target for this year. The ruble gained.
Commodities traders who buy and sell as much as $5.67 trillion of raw materials a year say the benchmark prices for everything from oil to iron ore to gasoline are wrong as often as 27 percent of the time.
Diesel producers from India to the U.S. are boosting shipments to Europe to take advantage of the region’s lowest winter stockpiles in at least six years, capping gains in prices for the continent’s most-used auto fuel.