EA Warns of Higher Oil Prices as Iran, Venezuela Losses Deepen
* Unclear if other producers will offset the shortfall, IEA says
* Venezuelan output may slump as low as 1 million barrels a day
By Grant Smith
(Bloomberg) —
The International Energy Agency warned that oil prices could break out above $80 a barrel unless other producers act to offset deepening supply losses in Iran and Venezuela.
By Alex Longley and Helen Robertson
(Bloomberg) —
“While we aren’t explicitly forecasting Brent to rise to $100/bbl we see real risks of this happening,” HSBC head of oil and gas equity research Gordon Gray writes in a report.
* South Korea cuts Iranian crude imports to zero in August
* WTI rises as much as 1.1% after last week’s 2.9% decrease
By Sharon Cho and Grant Smith
(Bloomberg) —
Oil rebounded from the biggest weekly loss in two months as speculation of a crude supply shortage took precedence over escalating trade tensions between the world’s two biggest economies.
By Brian K. Sullivan
(Bloomberg) —
Tropical Storm Gordon was rapidly weakening while moving inland after making landfall just west of the Alabama-Mississippi border on Tuesday night in the U.S.
* Anadarko evacuates workers from two platforms, halts output
* WTI crude futures climb as much as 2.3% from Friday’s close
By Ellen Milligan and Tsuyoshi Inajima
(Bloomberg) —
Oil traded near $71 a barrel in New York as Tropical Storm Gordon forces evacuations at fields along the U.S. Gulf Coast and threatens supply.
