Brent crude pares losses, but spectre of output boost remains

Brent crude oil rose on Tuesday, paring losses triggered by expectations that Saudi Arabia and Russia could pump more crude to compensate for a potential supply shortfall. Brent crude futures (LCOc1) were up 57 cents on the day at $75.87 a barrel by 1200 GMT, while U.S. futures (CLc1) fell 89 cents to $66.99. Brent crude now commands its largest premium over U.S. futures in more than three years, meaning that U.S. exports are rapidly becoming far more competitive globally than those from northern Europe, Russia or parts of the Middle East. …read more

Source:: Yahoo Finance


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