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Oil down as supply outlook improves

Published 06/30/2016, 07:27 AM
Updated 06/30/2016, 07:27 AM

Investing.com – Oil futures fell early Thursday after sharp overnight gains as the outlook for the supply of crude improved. U.S. crude was down 54 cents, or 1.08%, at $49.34 at 06:45 ET, while Brent crude lost 0.95% to $50.83. Crude output in Nigeria has recovered by 200,000-300,000 barrels a day after a ceasefire by rebels in the African producer. Concerns about the fallout of a possible walkout by Norwegian oil rig workers have also abated. Fears about the impact of Brexit on global demand are also ebbing. Oil rose as much as 4% overnight after Energy Information Administration figures showed a sharp fall in crude stocks. Inventories dropped 4.1 million barrels in the latest week compared with a forecast fall of 2.365 million. The dollar index was up slightly. A stronger dollar weakens demand for oil.

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Watch out for a company called Brand Energy. It looks like the next bankruptcy in oil-services. Their bonds were just downgraded deep into junk territory. That's always a bad sign. This would be the 2nd oil-related bankruptcy for their owner, Clayton, Dubilier, and Rice. CHC Helicopter filed for bankruptcy recently.. . Brand Energy is run by ex-GE people who have done a terrible job. Clayton, Dubilier, and Rice should replace them immediately. They should pay close attention to the Houston area especially and deal with the executives there..
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