Francisco Blanch News
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The value of Renewable Identification Numbers, or RINs, for ethanol in the U.S. is boosting the gasoline-Brent crude crack spread, Bank of America Corp. analysts said in a report.
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Bank of America Corp. cut its Brent crude price estimates amid lower-than-expected fuel demand in China and Europe and rising oil production in North America.
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West Texas Intermediate headed for its biggest weekly drop in more than a month amid signs of rising U.S. oil inventories and a global economic slowdown.
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Saudi Arabia, the world’s largest crude exporter, will lead OPEC to increase production next year, avoiding a surge in oil prices that could put global economic recovery at risk, Bank of America Merrill Lynch said.
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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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The largest-ever expansion of Middle Eastern oil-refining is poised to curb the region’s imports of gasoline, reducing dependence on shipments from India and Singapore and sapping margins for European and Asian processors.
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Brent oil prices may “push higher” in the next three months as stimulus measures by governments in the U.S., Europe and China boost global demand while supply growth is constrained, according to Bank of America Corp.
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China’s interest-rate cut shows the “urgency of the situation” as slowing growth in the country will trim demand for commodities including metals, Francisco Blanch, the head of commodities research for Bank of America Merrill Lynch said in a television interview on Bloomberg Surveillance Midday with Tom Keene.
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There is a “clear trend” for slower economic growth in China going forward, Francisco Blanch, head of global commodity research at Bank of America Corp. said at the Bloomberg Link China Conference in New York today.
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West Texas Intermediate crude rose for a second day to trim its third weekly drop, the longest losing streak since November. Brent climbed above $100 a barrel.
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