The Supply Problem Disrupting Oil Majors
Oil halted its slide near the lowest close in three months before U.S. data forecast to show crude stockpiles declined, easing a glut of supplies that are at the highest seasonal level in at least two decades. Crude has slipped more than 15 percent since early June after almost doubling from a 12-year low in February as supply disruptions from Nigeria to Canada trimmed a worldwide surplus. BP Plc, the first oil major to report second-quarter results, said earnings fell 45 percent as lower prices continued to erode income. Bloomberg's Ryan Chilcote reports and State Street Global Markets Global Head of Macro Strategy Michael Metcalfe discusses with Bloomberg's Anna Edwards and Manus Cranny on "Countdown."