West Texas Intermediate headed for a weekly gain after the International Energy Agency said OPEC will need to pump more crude this year. The discount to Brent shrank after Libya signaled it’s ready to boost exports.
In less than a decade, Marco Dunand and Daniel Jaeggi have turned a 10-person company supplying oil to a pair of Polish refineries into the world’s fourth-largest commodity trader with revenue topping $100 billion last year.
Iran’s pledge to restrict nuclear work in return for loosened economic sanctions may have a limited effect on crude prices, said analysts who called today’s 2.7 percent slump in Brent a “knee-jerk” reaction.
Refiners in South Korea and Japan said they have no immediate plans to boost crude purchases from Iran while Indian processors intend to maintain contracted volumes after the EU lifted a ban on insuring tankers.
West Texas Intermediate crude slipped from near its highest closing level in two months and Brent declined for the first time in four days, amid trading volumes that were about half their average level.