Hussein Allidina News
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The following is a selection of the most important news affecting the oil market.
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Hussein Allidina, head of commodity research for Morgan Stanley, has left the New York bank to join the Ontario Teachers’ Pension Plan, according to a person familiar with the move.
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Brent oil’s premium to West Texas Intermediate will fall to a range of $6 to $12 a barrel by the end of this year as new pipeline capacity starts to reduce a glut at Cushing, Oklahoma, Morgan Stanley said.
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Oil dropped the most in a month in New York, widening its discount to Brent as capacity on the Seaway pipeline was reduced and the International Monetary Fund cut its global growth forecasts.
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Oil traded near the highest price in four months in New York on speculation that the U.S. will lift its debt limit, offsetting forecasts that fuel inventories increased in the world’s largest crude consumer.
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Oil dropped for a third day in London amid speculation that talks between Sudan and South Sudan may lead to the resumption of crude exports.
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Oil traded near a four-month high in New York, narrowing its discount to Brent crude to the least since September, after the expansion of a pipeline that may reduce a glut in the U.S. Midwest.
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Corn prices will stay high as a record crop in Argentina and a higher harvest in Brazil will fail to replenish stockpiles after production losses from the worst U.S. drought since the 1930s, the United Nations said.
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Oil near $70 a barrel would “significantly curtail” decisions to invest in new U.S. supply, said Hussein Allidina, head of commodities research at Morgan Stanley.
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U.S. corn supplies, the world’s biggest, are dropping at the fastest pace in 17 years as drought damage exceeds government forecasts and five months of declining prices spur demand from livestock producers.
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