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U.S. oil exports are poised to reach the highest level in 28 years as deliveries to Canada more than triple, helping bring down the price of the global benchmark Brent crude relative to U.S. grades.
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The collapse in the price difference between the world’s two most-traded crude oil grades is fulfilling a prediction Goldman Sachs Group Inc. has held for more than a year. Bank of America Corp. says it won’t last.
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Secretary of State John Kerry sought to discourage lawmakers from pressuring China for further cuts in oil imports from Iran as a condition for renewing its waiver from U.S. economic sanctions on the Islamic Republic.
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Brent crude fell for the first time in four days as euro-area services and manufacturing output contracted for a 15th month in April. Goldman Sachs Group Inc. cut its 2013 Brent forecast by $5 a barrel to $105.
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Elliott Roosevelt Jr., a grandson of U.S. President Franklin Delano Roosevelt, grins and leans toward visitors in his Dallas office to describe his biggest discovery in 53 years as an oilman.
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West Texas Intermediate crude fell to a one-month low after U.S. retail sales and consumer confidence declined, signaling lower fuel demand.
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The U.S. expanded its oil production this year by the most since the first commercial well was drilled in 1859, upending a belief that Americans were increasingly hooked on foreign crude.
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At a time when U.S. equities are trading near a record and the dollar is having its best start in three years, commodities will finish this quarter little changed from where they were at the end of 2012.
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A record surge in U.S. oil production that has moved the country closer to energy independence threatens the existence of OPEC, according to analysts at Citigroup Inc.
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Whether crude costs $60 a barrel or twice that amount, the U.S. is almost free of depending on imported energy and positioned to supplant Saudi Arabia as the world’s No. 1 producer of oil.
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