Olivier Jakob News
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Traders are standing by Platts, the company that provides benchmark prices for much of the world’s energy products, amid a European probe into market manipulation.
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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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Silver slumped, copper extended a third day of losses and crude oil dropped after data showed slower manufacturing growth in China, the world’s biggest user of metals and energy.
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The incentive for investors to buy and hold Brent crude has dwindled to its weakest level in eight months as supplies from the North Sea recover.
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The International Energy Agency said it was too early to revise its estimate for Iranian oil exports amid speculation that the Persian Gulf nation boosted shipments in December.
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Iran faces a fresh obstacle to turning its most lucrative export into cash as the U.S. tightens sanctions this week to keep importers from paying for the oil with dollars and euros.
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West Texas Intermediate’s push toward $100 a barrel for the first time since September is facing resistance from a Fibonacci level at $98, according to technical analysis by Petromatrix GmbH.
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Royal Dutch Shell Plc’s changes to its pricing formula for benchmark North Sea crudes will probably be adopted by the market, according to a Bloomberg News survey of eight traders directly involved in the business.
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West Texas Intermediate oil fell, trimming its ninth weekly gain in 10 weeks. Open interest for the U.S. benchmark grade rose to a record while a report signaled OPEC will cut crude shipments this month.
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Iran faces new hurdles to getting paid for its oil as the U.S. tightens financial sanctions to deter buyers from the world’s third-largest crude exporter.
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