Brent crude futures climbed to a one-week high on Monday after economic data hinted that November saw a growing manufacturing sector in China, Europe and the United States.
Articles Tagged "china"
The agreement to ship up to 900,000 barrels of Russian oil a day to China follows a huge acquisition by Rosneft, leading to fears that Russia is pursuing a policy of world energy domination.
Remember when oil shot up to $148 a barrel? Chen Lin does, and he sees potential for Wall Street market manipulation to push the oil price in the opposite direction—as low as $47 a barrel. Plus, he's bearish on China now. The good news is that Lin, publisher of What Is Chen Buying/Selling?, was willing to share his personal investment strategy in his interview with The Energy Report. Find out where Lin booked profits this year and get the names he's turning to for protection against oil price downside.
Stepping away from the pack, Andrew Coleman of Raymond James Equity Research is making a contrarian forecast for an oil glut in 2014. Shale oil production is on the ascent, with the United States joining Saudi Arabia on the supply side, while China's hunger for oil may be sliding and demand in developed countries remains in decline. In this interview with The Energy Report, Coleman explains his thinking and names the producers best positioned to capitalize on the turbulence ahead.
Bloomberg reported that West Texas Intermediate oil slipped 1 cent as data from Europe and China showed a slowdown in global manufacturing and equities continue to rise for a 3rd day.
The Guardian reported that a group of Ecuadorian politicians have auctioned off over 3 million hectares of Amazonian rainforest to representatives of Chinese oil companies in Beijing.
Bloomberg reported that the trade deficit in the United States widened and the gap grew by 16.5% as demand for crude oil import rebounded.
Reuters reported that Chinese oil company, CNOOC Ltd, which took over Canada’s Nexen Inc, has given the Canadian unit’s CEO freedom to run operations.
Reuters reported that Rosneft is planning to loan up to $30 billion from China in exchange for significantly higher oil supplies, which could make Beijing the biggest consumer of Russian oil.
The BBC reported that the United States has approved CNOOC's (NYSE:CEO,HKEX:0883) acquisition of Canada's Nexen (NYSE:NXY,TSX:NXY). The deal has already been okayed by Canadian authorities, so approval from the US means that the path for the sale is now clear.