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Oil Pares Biggest Quarterly Gain Since 2009 Amid Rebalancing

stander
stander
in Oil, Gas and Energy News

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(Bloomberg) - Oil capped the biggest quarterly advance in seven years as falling U.S. supply added to speculation the global surplus is easing.


West Texas Intermediate oil climbed 26 percent this quarter, even after a 3.1 percent decline Thursday. U.S. crude supplies shrank a sixth week and output slipped to the lowest since September 2014, government data showed Wednesday. Markets have whipsawed after the U.K.’s vote to leave the European Union on June 23. Goldman Sachs Group Inc. said that a recovery in Nigerian production is a risk to its $50-a-barrel forecast for the second half of 2016.


http://www.downstreamtoday.com/news/article.aspx?a_id=52648


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