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Mar 30, 2015

India makes first crude oil purchase for strategic reserve

LONDON, March 30 (Reuters) – India has bought the first oil
for its strategic petroleum reserve (SPR), trade sources said on
Monday, marking the start of a round of purchases by the world’s
fourth-biggest oil consumer to build up emergency stockpiles.

Oil prices have almost halved in the past year due to excess
global production, leaving traders looking for any signs of new
demand to help absorb the surplus.

Mar 30, 2015

India makes first crude oil purchase for strategic reserve

LONDON, March 30 (Reuters) – India has bought the first oil
for its strategic petroleum reserve (SPR), trade sources said on
Monday, marking the start of a round of purchases by the world’s
fourth-biggest oil consumer to build up emergency stockpiles.

Oil prices have almost halved in the past year due to excess
global production, leaving traders looking for any signs of new
demand to help absorb the surplus.

Mar 30, 2015

Bets on Brent crude oil rally to highest since July-ICE

LONDON, March 30 (Reuters) – Hedge funds increased their
bets on rising Brent crude oil prices last week to their
highest since July 2014, exchange data showed on Monday, in a
sign large speculators are positioning for a possible rebound.

Money managers increased their net long positions in Brent
futures and options by 7,585 contracts to 193,196 in the week to
March 24, InterContinentalExchange (ICE) data showed,
taking the difference between bets on rising and falling prices
to the highest since July 14.

Mar 30, 2015

Amid Yemen chaos, China keeps oil shipments flowing

LONDON (Reuters) – China has managed to export a large shipment of crude oil from Yemen over the weekend, ship-tracking data showed on Monday, despite mounting chaos in the country after the launch of Saudi-led air strikes last week.

The 2 million barrel Very Large Crude Carrier (VLCC), Tai Hung San, left the Yemeni port of Ash Shihr on Sunday, and has been chartered by PetroChina’s shipping-arm Glasford, the data showed.

Mar 24, 2015

Oil falls to $55 on China slowdown, dollar reversal

LONDON (Reuters) – Brent crude oil fell towards $55 a barrel in choppy trading on Tuesday after the dollar firmed, adding pressure to a market grappling with signs of slowing Chinese growth and Saudi Arabian oil production close to an all-time high.

The dollar reversed early losses to rise 0.25 percent against the euro EUR=, pressuring dollar-priced commodities that tend to move inversely to the U.S. currency.

Mar 24, 2015

Oil rebounds towards $57 as weaker dollar overshadows China slowdown

LONDON (Reuters) – Brent crude reversed early losses to trade back towards $57 a barrel on Tuesday, as a weaker dollar overshadowed signs of slowing growth in China and Saudi Arabian oil production close to an all-time high.

The dollar slipped 0.25 percent against the euro, extending losses from the previous session and providing a boost to dollar-priced commodities, which tend to move inversely to the U.S. currency.

Mar 24, 2015

Oil below $56 as Saudi output near record, China activity slows

LONDON (Reuters) – Brent crude oil held below $56 a barrel on Tuesday on signs of slowing growth in China and as Saudi Arabia said its production was close to an all-time high.

Factory activity in China, the world’s second-largest economy and top oil importer, slipped in March with the flash HSBC/Markit Purchasing Managers’ Index (PMI) reading at 49.2, below the 50-point level that separates growth from contraction.

Mar 20, 2015

Andurand oil hedge fund up 13.5 percent to end Feb

LONDON, March 20 (Reuters) – Energy hedge fund Andurand
Capital was up 13.5 percent at the end of February, a source
familiar with the matter said on Friday, as one of the world’s
most famous oil traders extended a winning run.

French fund manager Pierre Andurand, who made almost 50
percent last year betting on the oil crash, returned about 10
percent in January and 3 percent in February, the source said,
as crude stabilised after hitting a six-year low near $45 a
barrel.

Mar 19, 2015

Oil falls to $55 as Kuwait comments refocus on oversupply

LONDON (Reuters) – Brent crude oil fell back to $55 a barrel on Thursday after Kuwait said OPEC had no choice but to keep production steady, refocusing the market on global oversupply as the dollar recovered from sharp losses in the previous session.

Brent had rallied by more than $2 a barrel on Wednesday after the Federal Reserve indicated it would follow a more gradual path to raising U.S. interest rates, overshadowing data showing U.S. crude stocks at a record level.

Mar 17, 2015

Glencore hires new Singapore head, crude oil boss retires

LONDON (Reuters) – Glencore’s powerful oil trading division is undergoing a rare reshuffle after 20-year veteran executive Louis Alvarez retired, while the former head of BP’s Asian trading arm has been hired to head the firm’s Singapore-based operations.

Hiring outsiders is a rarity for Glencore, which prefers to groom people from within, including current Chief Executive Ivan Glasenberg, who traded coal when Glencore’s founder Marc Rich was in charge in the 1980s.