Energy Industry News
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Oil rose for the first time in seven days in New York as China pledged to boost the nation’s economy and Goldman Sachs Group Inc. said the balance between the supply and demand of crude is tightening.
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Hedge funds reduced wagers on a rally in commodities to the lowest this year on mounting speculation that Greece will leave the euro, slowing global growth and curbing demand for everything from copper to soybeans.
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Total SA, Europe’s third-largest oil company, expects to resume production at its Elgin and Franklin fields before the end of 2012 after plugging a natural-gas leak.
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Oil rose for the first time in seven days in New York after China pledged to boost the nation’s economy and Goldman Sachs Group Inc. said the balance between supply and demand of crude is tightening.
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