Brent Oil Drops From 2015 High; Premium Over WTI Narrows
Which Companies Go Out of Business on Low Oil?
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Crude fell from its highest close this year in London on concern a global surplus will linger. U.S. oil futures narrowed their discount to Brent after an industry survey was said to report a slowdown in stockpile gains.
Brent dropped 4.9 percent. Prices need to fall further before production is sufficiently curbed to balance the market, Goldman Sachs Group Inc. estimates. West Texas Intermediate pared losses after Genscape Inc. was said to report a smaller inventory increase at Cushing, Oklahoma, according to analysts including Phil Flynn, senior market analyst at the Price Futures Group in Chicago. Cushing supplies have more than doubled in the past 12 weeks.