Oil futures have traded in the $90 to $100 per barrel range this week. But in the physical market – where refiners and traders buy real cargoes rather than paper contracts – prices have been dramatically higher, underscoring how tight real-world supply conditions still are despite the pullback in futures prices. In Sri Lanka, buyers…
By Sam Li and Siyi Liu BEIJING/SINGAPORE (Reuters) – Oil prices fell on Wednesday to reverse some of Tuesday’s strong gains after the Iraqi government and Kurdish authorities reached a deal to resume oil exports through the Turkish port of Ceyhan, providing modest relief to concerns about Middle East supplies. But with no sign of…
Oil posted its third straight week of losses on Friday as traders grew increasingly concerned about oversupply. West Texas Intermediate (CL=F) was trading at $57.54 a barrel, while Brent futures (BZ=F) were trading at $61.29 a barrel, its lowest level since May. WTI and Brent closed the week with a drop of more than 2%….
