Oil Trims Weekly Gain as Surplus Persists Despite Supply Losses
- Exxon declares Qua Iboe force majeure as Nigeria supply slumps
- Canadian production resumes as workers return to sites
Will We See Higher Crude Oil Prices in 2017?
This article is for subscribers only.
Oil pared a weekly advance as investors weighed the return of output from Canadian producers against global supply reductions from Nigeria to the U.S.
Futures dropped 1.1 percent in New York, trimming the week’s gains to 3.5 percent. Companies including Enbridge Inc. are resuming operations in Alberta after wildfires curbed operations. Militant attacks have cut output in Nigeria to the lowest in 20 years. Exxon Mobil Corp. invoked a legal clause allowing it to suspend shipments of Qua Iboe crude from Nigeria without breaching contracts.